2018 (9) TMI 639

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..... held that liquidated damages are admissible deductions from the assessable value in terms of Section 4 of Central Excise Act, 1944 - appeal allowed. Refund of excise duty paid - denial on the ground of failure of appellant to produce the credit notes by which the said liquidated damages were transferred to the buyer - Held that:- If the credit notes are indeed on account of liquidated damages, .....

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..... ity Boards etc. He pointed out that in terms of contract, in case of delay in supply there are provisions for payment of liquidated damages to the buyers and consequently, the value of the goods gets reduced to that extent. He pointed out that in terms of the decision of the Larger Bench of this Tribunal in the case of CCE, Hyderabad vs. Victory Electricals Limited 2013 (298) ELT 534 (Tri. LB.) .....

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..... ld. Counsel for the appellant submits that they are ready to produce the credit notes and other necessary documents before the original adjudicating authority. 5. We have gone through the rival submissions. We find that, so far as the main issue regarding admissibility of deduction of liquidated damages from the assessable value is concerned, the same stand settled in the case of Victory Elect .....

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