Assessable value of imports excludes separately invoiced usance interest treated as financing charges.

Interest charged under a deferred payment arrangement, when separately shown in the invoice and supported by the indent and contemporaneous clarification, was treated as financing cost rather than part of the goods' price. The separate stipulation for the usance-period interest showed that the additional amount did not form part of the assessable value of the imported goods. On that basis, the interest for delayed payment was excluded from valuation, and consequential relief followed.

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Issues: Whether interest charged under a deferred payment arrangement, shown separately in the invoice, was includible in the assessable value of the imported goods.

Analysis: The invoices and indent disclosed that the goods price and the interest for the usance period were separately stipulated. The separate invoice for interest, together with the contemporaneous clarification that such interest should be excluded when separately shown, supported the view that the additional amount represented financing charges and not part of the goods value.

Conclusion: The interest amount paid for delayed payment was not includible in the assessable value. The appeal was allowed and the impugned order was set aside with consequential relief.

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