Hundi discounting charges were treated as interest on delayed payment and allowed as a deduction in assessable value.

Deduction from the price list for hundi discounting charges was examined in determining assessable value. The charges were treated as the cost of discounting hundies executed by customers for payment after a fixed period, functioning in substance as interest attributable to delayed payment. Relying on the precedent cited, the deduction was held to be allowable, and the Revenue's challenge failed.

---

---

Issues: Whether deduction from the price list on account of hundi discounting charges was allowable while determining the assessable value.

Analysis: The deduction claimed represented charges paid for discounting hundies executed by customers for payment after a fixed period. Such discounting charges were treated as taking the place of interest attributable to delayed payment by customers, and the allowance of deduction was supported by the precedent relied upon.

Conclusion: The deduction was correctly allowed and the appeal by the Revenue failed.

---