Cash discount deduction from assessable value allowed before 01.07.2000, but denied under the later valuation regime.

Cash discount could be deducted from assessable value under the pre-01.07.2000 valuation regime where it was reflected in the price declaration and otherwise allowable under the governing principles, even if individual buyers did not actually take the discount. The deduction was not available for the period after 01.07.2000.

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Issues: Whether cash discount was deductible from the assessable value for the period prior to 01.07.2000 and for the period after 01.07.2000.

Analysis: The Tribunal applied the settled law that, under the earlier valuation regime, cash discount claimed in the price declaration could be deducted from assessable value even if individual buyers had not actually availed of the discount, so long as the deduction was allowable under the governing valuation principles. For the period after 01.07.2000, the assessee was not held entitled to the same deduction.

Conclusion: Cash discount was allowable as a deduction from assessable value for the period prior to 01.07.2000, but not for the period after 01.07.2000.

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