2006 (8) TMI 460

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....haghya Devi, SDR, for the Respondent. [Order per : P.G. Chacko, Member (J)]. - This appeal filed by the assessee is against rejection, by the lower authorities, of a claim for refund of duty of Rs. 6,07,445/- filed by the party on the ground that they had erroneously paid such duty on 'interest on receivables' which, according to them, was not includible in the assessable value of the goods ....

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....g in this invoice to indicate that the price of goods shown in this document includes any element of interest. On the other hand, one of the footnotes in this document reads thus :- "Interest at the rate of 16% will be charged for non-payment within 30 days from the date of invoice". It is thus evident that any interest is not inbuilt in the price of goods given in the relevant invoices. The....

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....06 (206) E.L.T. 573 (Tri.) = 2006 (135) ECR 192 (Tri. - Chennai) has to be accepted inasmuch as, in that case, it was found, upon perusal of a specimen invoice, that a credit period of 21 days was allowed but no interest was claimed and accordingly it was held that 'interest on receivables' was not to be deducted from the assessable value of the goods. In the case of Castrol India Ltd. (supra), th....