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M/s. CASTROL INDIA LTD. Versus COMMR. OF CENTRAL EXCISE, CHENNAI

2015 (12) TMI 1158 - SUPREME COURT

Valuation - deduction of cash discount / interest on receivables - Finalization of provisional assessment - Held that:- Tribunal in the impugned order, mentioned that the price charged in the invoices for sales on credit terms are of WHEEL BEARING GR 88 and ALL PURPOSE GRS 88 as ₹ 68.00 and ₹ 69.50 respectively. On the other hand, price charged in invoices for cash sales was ₹ 66.81 and ₹ 68.28 respectively. - Tribunal itself, after mentioning those prices, failed to noti .....

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n, Adv., Mr. Alok Yadav, Adv., Mr. Siddhartha Chowdhury, Adv. And Mr. K. Ajit Singh, Adv. For the Respondent : Mr. Rupesh Kumar, Adv., Mr. T. M. Singh, Adv., Ms. Sadhana Sandhu, Adv., Mr. Jitin Singhal, Adv., Mr. Pratik, Adv. And Mr. B. Krishna Prasad, Adv. ORDER The appellant-assessee herein is a registered manufacturer of lubricating oils and its allied preparations falling under Chapter sub-Heading 2710.90 and 3403.10 respectively of the Schedule to Central Excise Tariff Act, 1985. It has bee .....

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arriving at the transaction value, the assessee is entitled to adjust the interest on receivable. Since that is known only at the end of the year, provisional assessment is carried out during the year when the goods are cleared from time to time and excise duty is paid thereupon. Thereafter, at the time of final assessment, the assessee has been submitting documents in support of interest on receivables. This happened for the period in question as well, which is April 1996 to December 1996. Vide .....

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in the letter, the Assistant Commissioner vide his communication dated 25.06.1996 informed that provisional assessment had been ordered under Rule 9B of the Central Excise Rules, 1944, in respect of clearances made during the aforesaid period. Thereafter, vide letter dated 30.06.1997, the assessee requested for finalisation of provisional assessment made during the aforesaid period. Along with this letter, the assessee had also enclosed the certificate of its Chartered Accountant certifying the .....

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-Original dated 17.04.1998. This order was upheld by the Commissioner (Appeals) as well as Customs, Excise and Gold (Control) Appellate Tribunal (hereinafter referred to as the Tribunal). The appeal was filed against the order of the Tribunal in this Court. The said appeal being Civil Appeal No. 4142 of 2006 was disposed of by remitting the matter to the Tribunal with a direction for fresh consideration of the appeal in view of law laid down in some of the judgments of this Court, as is clear fr .....

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ad v. Novapan Industries Ltd. [2007 (209) ELT 161 (SC). Ordered accordingly. All contentions are left open to be agitated before the Tribunal. The appeal stands disposed of accordingly. After remand, the Tribunal has passed final order dated 26.06.2007 dismissing the appeal filed by the assessee and and disallowing the deduction claimed on account of interest on receivables. This order is the subject matter of the instant appeal at hand. A perusal of the order of the Tribunal would reflect that .....

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hese credit sale invoices indicate any claim of interest on receivables. On that basis, finding is arrived at to the effect that the assessee has not been able to establish that the price charged on the goods sold to the customers on credit basis contained an element of interest inbuilt therein and since there is no evidence of such interest having been separately recovered by the assessee from the customers, the assessee was not entitled to claim any deduction of any interest on receivables fro .....

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