Supreme Court Clarifies Tax Calculation: Demurrage Charges Excluded from Assessable Value Under Established Legal Precedent SC dismissed appeals, ruling that demurrage charges do not form part of the assessable value. Following precedent from prior case, the court confirmed the ...
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Supreme Court Clarifies Tax Calculation: Demurrage Charges Excluded from Assessable Value Under Established Legal Precedent
SC dismissed appeals, ruling that demurrage charges do not form part of the assessable value. Following precedent from prior case, the court confirmed the Tribunal's order in favor of the assessee, establishing that such charges are not included in the calculation of assessable value for tax purposes.
The Supreme Court, through Hon'ble Justices A.K. Sikri and Rohinton Fali Nariman, addressed the issue of whether demurrage charges can form part of the assessable value. The Court relied on its prior decision in C.A. Nos. 2691-2728 of 2009 ("Commissioner of Central Excise, Mangalore vs. M/s. Mangalore Refinery & Petrochemicals Ltd."), where it held in favor of the assessee by confirming the Tribunal's order. Accordingly, the Court dismissed the present appeals, affirming that demurrage charges do not constitute part of the assessable value.
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