TaxTMI 
TaxTMI 
2011 (5) TMI 752
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....Sunil Kumar, SDR, for the Respondent. [Order per : D.N. Panda, Member (J)]. - In these two appeals, the short point arises for consideration is whether the average rate of interest shall be admissible as deduction while arriving at the assessable value or the actual interest receivable shall be deducted from the assessable value, on account of interest on receivables. 2. Such an issu....
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....y came before us is to decide the quantum of deduction available to the appellant when in the remand proceeding the appellant did not succeed before authorities below. There was conflicting stand of Revenue at different times with proposition that average rate is admissible and also actual quantified amount is admissible. While judgment of Apex Court was clear on the point, Learned Authorities bel....
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....ore, he submits that the first appellate order which has caused undesired impediment applying average rate of interest, should be annulled. 4. On the other hand, learned DR submits that taking into consideration of the Apex Court judgment cited above, the Tribunal has in the case GEC Alsthom India Ltd. v. CCE, Tiruchirapalli reported in 2009 (241) E.L.T. 284 (Tri. -Chen.), Castrol India Lt....
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....actual interest receivable in respect of each invoice is to be allowed. This is possible interpretation that Revenue has to make to reduce the litigation when the Apex Court in no uncertain terms laid down the law in paras 9 and 10 of the judgment and made it clear that the deduction is undeniable. 7. Learned DR submitted that interest has to be shown separately in the invoice. But such a ....