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<h1>Appellate Tribunal rules advances not part of assessable value for power-driven pump</h1> The Appellate Tribunal CEGAT, Chennai upheld the order of the Commissioner (Appeals), ruling that notional interest on advances received by the ... Valuation The Appellate Tribunal CEGAT, Chennai upheld the order of the Commissioner (Appeals) stating that notional interest on advances received by the respondents does not need to be included in the assessable value of their final product, power driven pump and parts thereof. The Tribunal noted that the burden of proving a nexus between the sale price and the advances received was not met by the Revenue. The decision was based on previous rulings by the Madras High Court and the Supreme Court. The appeal by the Revenue was rejected due to lack of evidence establishing a connection between the advances received and the sale price.
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