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M/s. JCT Limited Versus CCE, Jalandhar

Valuation - notional interest on advances received - includibility - Held that: - As per CEBC s circular No.404/37/98-Cx dated 22.6.1998, it has been clarified that if the selling price is influenced in that case notional interest on advances received from the buyers, the notional interest is required to be added in the assessable value - in the present case, the selling price of the goods to the buyers who paid duty advance has not been influenced, therefore, notational interest is not required .....

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e paid duty - no demand is sustainable against the appellant. - Appeal allowed - decided in favor of appellant. - Appeal No.E/1805/2007, Appeal No.E/1638-1639/2007 - Final Order No. 61465-61467/2017 - Dated:- 1-8-2017 - Mr. Ashok Jindal, Member (Judicial) And Mr.Devender Singh, Member (Technical) For the Appellant: Shri Rajesh Chhibber, Advocate For the Respondent: Shri V.Gupta, AR ORDER Per : Ashok Jindal The appellant is in appeal against the impugned order wherein the duty has been demand .....

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f yarns and fabrics and paying duty on the selling price to the dealers/buyers. As per selling policy of the appellant, it is clear that if the payment is made within seven days, the buyers are entitled to cash discount. In certain cases, the appellant received advances from the buyers towards supply of the goods. On the advance, the appellant is paying interest to the buyers on their advance deposit of money and giving discounts as applicable to the buyers for making payment within seven days. .....

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stigation, on these discrepancies, various show cause notices were issued to the appellant to demand of duty on account of notional interest on the advance received from the buyers, the cash discount shown in the invoices actually is not given to the buyers, the debit notes issued and not paid duty for the amount recovered from the buyer. Aggrieved from the said orders, the appellant is before us. 3. Learned Counsel for the appellant submits that where they have given discount shown in the invoi .....

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e and file his report. The Superintendent has verified and given its report how much amount they are liable to pay duty and also verified that the amount on which they are liable to pay, duty has been paid. But the adjudicating without giving any reasoning discarded the report given by the Superintendent on false grounds that the appellant has not produced records. He further submits that the appellant is paying interest on advance deposited by the buyers on higher rate than the bank lending rat .....

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ting authority has held that the price has not been influenced, therefore, the question of charging duty on notional interest is not sustainable. In these terms, it is prayed that the impugned orders are to be set aside. 4. On the other hand, learned AR produced the verification report of the Superintendent and latest report filed by the department shows that initial verification done by the Superintendent from records and is correct. On the issue of notional interest, he fairly submits that the .....

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ven to the buyers and debit notes raised by the appellant on the buyers, the appellant is required to pay duty or not. Issue No.1 7. As per CEBC s circular No.404/37/98-Cx dated 22.6.1998, it has been clarified that if the selling price is influenced in that case notional interest on advances received from the buyers, the notional interest is required to be added in the assessable value. In the case in hand, the appellant is paid interest to the buyers on advanced deposited which is higher than .....

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