2007 (1) TMI 5

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....the amount of interest on receivables is deductible from the assessable value where such interest is inbuilt in the price and is not charged separately. 3.The Assessee, namely, M/s. Novapan Industries Ltd., the respondent herein, is engaged in the manufacture of "melamine based particle boards and plain particle boards" falling under Chapter 44 of the Central Excise Tariff Act, 1985. 4.While filing the price declaration, the Respondent opted for provisional assessment and claimed interest on receivables as an abatement on the basis of the decision of this Court in Government of India & Ors. v. Madras Rubber Factory Ltd. & Ors. [(1986) Supp. SCC 751]. 5.The Assistant Collector issued a show cause notice dated 20/24-1-1991, demanding....

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.... Appeals which was accepted and the Order-in-Original was set aside, against which the Revenue filed the appeals before the Tribunal which have been dismissed by the impugned order. 11.In our view, the point in issue is squarely covered by the judgment of this Court in MRF case 2[(1986) Suppl. SCC 751] read with the subsequent order passed in the Review Petition reported in 1(1995) 4 SCC 349. 12.The Tribunal in its order has relied upon its earlier judgment in ICI India Ltd. v. CCE, Hyderabad [2000 (91) ECR 152 (T)] in which the similar issue was involved and the Tribunal had taken the view that interest being inbuilt in the price which had not been charged separately, was deductible from the assessable value. The portion of the said ....