Interest on receivables may be deducted from assessable value of excisable goods even if not separately shown in the invoice.

Interest on receivables arising from delayed payment by buyers is treated as accruing after clearance of excisable goods and, on that basis, is not part of the assessable value. The fact that such interest is not separately shown in the invoice does not by itself justify denial of the deduction. Applying the governing Supreme Court principle and an earlier Tribunal view, the document states that interest on receivables in a credit sale remains a permissible deduction from assessable value.

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Issues: Whether interest on receivables arising from delayed payment by buyers is deductible from the assessable value of excisable goods.

Analysis: The claim for deduction was examined in the light of the principle that interest attributable to receivables accrues after clearance of the goods and is therefore not part of the assessable value. The attempt to distinguish the governing Supreme Court principle on the basis that the interest was not separately shown in the invoices was not accepted. Following the earlier Tribunal decision applying the same principle, interest on receivables in a credit sale was treated as a permissible deduction.

Conclusion: Interest on receivables is a permissible deduction from the assessable value, and the deduction cannot be denied merely because it is not separately shown in the invoice.

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