Receivables interest excludible from assessable value, with duty recomputed on remand after allowing the deduction.

Interest on receivables or sundry debtors, where built into the price of goods, was treated as excludible from assessable value under the relevant valuation principle. The contrary view that such an in-built component amounted to an impermissible abatement was stated to be erroneous. As the only pressed issue concerned this deduction claim, the appellate order was set aside to that extent and the matter was remanded to the original authority for fresh computation of duty after allowing the admissible deduction and giving effect to the relief already granted.

---

---

Issues: Whether interest on receivables or sundry debtors, said to be built into the price of the goods, was deductible while determining assessable value, and whether the matter should be remanded for recomputation of duty.

Analysis: The issue was confined to the deduction claim relating to interest on receivables, as the other claim was not pressed. The order recorded that the Supreme Court in the relevant valuation decision had considered receivables interest as a cost built into the price and had held such interest to be excludible from assessable value. The contrary view that an in-built component amounted to an impermissible abatement was held to be erroneous. In view of the need to recompute duty after considering the admissible deduction and the remaining reliefs already granted, the proper course was to set aside that part of the appellate order and remit the matter to the original authority.

Conclusion: The deduction claim on interest on receivables was accepted for reconsideration, and the matter was remanded for fresh computation of duty.

---