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of <h1>Appellate Tribunal rules interest on delayed payments not part of assessable value</h1> <h3>JAI CORP LTD. Versus COMMISSIONER OF CENTRAL EXCISE, AURANGABAD</h3> JAI CORP LTD. Versus COMMISSIONER OF CENTRAL EXCISE, AURANGABAD - 2003 (159) E.L.T. 208 (Tri. - Mumbai) The Appellate Tribunal CEGAT, Mumbai heard a case where the applicant charged customers 2% interest on invoice price for delayed payment. The Commissioner did not accept the claim that interest was refunded in appropriate cases. The applicant argued that assessable value should not include the interest for deferred payment. The Tribunal waived the deposit of duty and penalty, staying their recovery.
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