TMI Blog2015 (5) TMI 526X X X X Extracts X X X X X X X X Extracts X X X X ..... s, the advance amount is 10% of the contract value and in few cases the advances are in the range of 20 to 25%. However, the show cause notice does not give the value of the lifts where the advances in the higher range have been taken and in the absence of such details, it cannot be said that the contract value is suppressed or reduced due to higher advance taken. - until and unless the Revenue is ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... dvances taken have affected the value for the purpose of assessment. According to the Revenue, in the cases where higher advance is taken, the contract value is on the lower side. Thus the value is reduced due to the notional interest on the advances held by the appellant. 2. Learned counsel for the appellant took us through the show cause notice and the order-in-original to prove that the valu ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... have taken more advance, the contract value is on the lower side and in view of this fact, the contract value on which they have paid the duty has to be taken as the transaction value and they are not required to pay duty on the assumed notional interest on the advances. 3. Learned AR reiterates the findings in the impugned order and further submitted that as alleged in the show cause notice, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... seen that in large number of cases, the advance amount is 10% of the contract value and in few cases the advances are in the range of 20 to 25%. However, the show cause notice does not give the value of the lifts where the advances in the higher range have been taken and in the absence of such details, it cannot be said that the contract value is suppressed or reduced due to higher advance taken. ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
