2007 (7) TMI 461

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....he Respondent. [Order]. - This  is  an  appeal  against the  order of the  Commissioner (Appeals No. Commr(A)/14/VDR-I/2006 dated 28-2-2006. 2. None appeared for the appellant. However, a written submission on behalf of the appellant has been filed which has been taken into consideration. Heard the learned DR on behalf of the Department and perused the r....

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....ufacturer and the buyer in the beginning of each year based on the price of pig iron and raw material; subsequently price negotiation takes place and revised purchase orders are issued and supplementary invoices for differential amount are issued. At the time of initial clearance, they are not sure as to whether there will be any enhancement of price in terms of price escalation clause and therefo....

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....appellant had option to seek permission for provisional assessment under Rule 7. If provisional assessment was resorted to, then at the time of finalization in terms of Rule 7(4) not only the differential duty is payable but also the interest is payable. In such a case, the interest becomes payable from the first day of month succeeding the month for which such amount is determined till the date o....

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....f sale or any other time. In this case, since there is a price escalation clause, the amount becomes payable at a later point of time and as such the amount payable to the appellant in terms of price escalation is includible as transaction value as defined in Section 4(3)(d). 6.4 In this case, it is not disputed by the appellant that there was a short payment. The quantum of short payment ....