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2015 (10) TMI 1949 - AT - Central ExciseValuation - whether the cheque discounting charges are includible in the assessable value or not - Held that:- The cheque discounting charges are charged by the bank for discounting of cheques to cover for delay in realization of payments by up-country buyers. This is nothing but interest on receivable which in terms of the Apex Court judgment in case of Government of India Vs. Madras Rubber Factory Ltd., reported in [1995 (5) TMI 28 - SUPREME COURT OF INDIA] is not includible in the assessable value. We also find that the Apex Court in case of CCE, New Delhi Vs. Vikram Detergent Ltd. (2001 (1) TMI 84 - SUPREME COURT OF INDIA) has held that bank charges are not includible in assessable value and Review petition against this judgments was dismissed by the Apex Court vide judgment reported in [2001 (3) TMI 1027 - SUPREME COURT] Hon’ble Bombay High Court in case of Raymond Woolen Mills Ltd. Vs. Union of India, reported in [1991 (7) TMI 94 - HIGH COURT OF JUDICATURE AT BOMBAY] has also taken the same view. In view of this, the impugned order holding in cheque discounting charges charged by the Revenue are not includible for the assessable value, is not sustainable. The same is set aside - Decided in favour of assessee.
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