Supreme Court rules interest on customer advances not part of goods value The Supreme Court dismissed the appeals against the Customs, Excise and Gold (Control) Appellate Tribunal's judgment. The court held that interest accrued ...
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Supreme Court rules interest on customer advances not part of goods value
The Supreme Court dismissed the appeals against the Customs, Excise and Gold (Control) Appellate Tribunal's judgment. The court held that interest accrued on advances from customers should not be included in the value of goods supplied, as there was no evidence showing the advances affected pricing or were utilized as working capital, following the precedent in Metal Box India Ltd. v. Collector of Central Excise, Madras.
The Supreme Court dismissed the appeals against the Customs, Excise and Gold (Control) Appellate Tribunal's judgment. The court ruled that interest accrued on advances from customers should not be included in the value of goods supplied, as there was no proof that the advances influenced price reduction or were used as working capital. The decision was based on the precedent set in Metal Box India Ltd. v. Collector of Central Excise, Madras.
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