2008 (9) TMI 375

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..... Central Excises and Salt Act, 1944 (for short, "the Act") proposing to raise following substantial questions of law :- "(i) Whether the Department was justified in adding the notional interest on the advances to the sale price of the goods for the purpose of arriving at the assessable value? (ii) Whether the Excise duty is liable to be charged on the interest accrued on advance payments recei .....

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..... sessee was entitled to refund. 4.On appeal of the Revenue, the Tribunal affirmed the said view with the following observation :- "5.Admittedly, the notional interest on the advance amount taken from the customers was not includible in the assessable value. It appears from the record that the invoice covering the sale of disputed goods indicated the duty chargeable, which was paid by the custom .....

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..... ed additional amount of excise duty retrospectively from the date of transactions, which were on the basis of invoice value on which the excise duty was already recovered without reference to any notional interest on advances. There is, therefore, no warrant for interference with the impugned order of the Commissioner (Appeals)." 5.We have heard learned counsel for the parties. 6.Learned couns .....

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