https://www.taxtmi.com/caselaws?id=44030 The High Court of Judicature at Madras quashed the circular issued by the Central Board of Excise and Customs regarding the addition of interest accrued on advances to assessable value. Relying on the judgment in Metal Box India Ltd. v. Collector of Central Excise, the Court emphasized determining the benefit obtained by the assessee on interest-free loans. The circular was deemed unsustainable, and show cause notices based on it were directed to be assessed according to the Supreme Court's ruling. The Court stressed the need for the Authority to adjudicate independently of the circular, leading to the modification of the show cause notices and continuation of proceedings as per the judgment. en-us Mon, 06 Mar 1995 00:00:00 +0530 Tue, 22 Jun 2010 16:15:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=44030 The High Court of Judicature at Madras quashed the circular issued by the Central Board of Excise and Customs regarding the addition of interest accrued on advances to assessable value. Relying on the judgment in Metal Box India Ltd. v. Collector of Central Excise, the Court emphasized determining the benefit obtained by the assessee on interest-free loans. The circular was deemed unsustainable, and show cause notices based on it were directed to be assessed according to the Supreme Court's ruling. The Court stressed the need for the Authority to adjudicate independently of the circular, leading to the modification of the show cause notices and continuation of proceedings as per the judgment. Case-Laws Central Excise Mon, 06 Mar 1995 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=44030