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TMI Blog2005 (4) TMI 63X X X X Extracts X X X X X X X X Extracts X X X X ..... terest in the assessable value or wholesale price will depend on the facts of each case. In the present case, according to the adjudicating authority, the evidence indicated that the main object behind receiving advance from the customers was not security but collection of capital. In this connection, reliance was placed on financial accounts, MIS reports, pricing and costing. The said material was put to the officers of the company. The adjudicating authority found on evidence that the advances were invested and income therefrom by way of interest, dividends etc. constituted additional flowback (consideration) from the customer to the assessee. In this connection, the adjudicating authority found that interest at 9% was actually paid by th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... on account of difference in the rates of interest. 4.At the outset, we may point out that in this case the Annual Reports of the assessee show the opening and closing balance of the funds received under the caption "Customers' Advances". They show deployment of funds so received. The income accruing to the assessee was reflected in profit & loss accounts. For the year ending 31-3-1986 the outstanding balance under the above head was Rs. 33.40 crore out of which Rs. 28.90 crore was invested in various securities/deposits leaving a balance of Rs. 4.42 crore [see Schedule 4]. The said schedule further indicates utilization of capital gains and interest income to reduce the liability under the said head. That, the said schedule 4 indicated no ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... easons, we hold that the Tribunal has disposed of the appeal before it in a most perfunctory manner without going into any figures at all but by merely on the statement made by Counsel and on the basis of material which appears to have been produced first time before the Tribunal. We, therefore, set aside the order of the Tribunal and remand the matter back to the Tribunal. The Tribunal will consider in detail, if necessary, by taking the help of a Cost Accountant and after looking into the accounts of the respondent whether or not the advances or any part thereof have been used in the working capital and whether or not the advances received by the respondent and/or the interest earned thereon have been used in the working capital and/or wh ..... X X X X Extracts X X X X X X X X Extracts X X X X
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