2007 (8) TMI 783

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.... the lower authorities held that deductions in respect of interest on receivables is not allowed as it has been claimed initially on equalized basis and subsequently claim has been made on actual receipts. It was also held that the price reflected in the price list of the appellant was the same to all buyers proportionate to the sale quantities. It was also held that the appellants had not produced any evidence to sustain the claim of deduction of interest on receivables. 3. Ld. Advocate appearing on behalf of the appellant submits that the issue is squarely covered by the judgment and decision of the Tribunal in the case of CCE, Hyderabad v. Novapan Industries Ltd. as reported at 2001 (137) E.L.T. 662 (T), which has been upheld by th....

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....t. Further, we find that the issue is squarely covered by the judgment and order of the Tribunal in the case of Novapan Industries Ltd., which followed the judgment and order of the Tribunal in the case of ICI India Ltd. v. CCE, Hyderabad as reported in 2000 (91) ECR 152 (Tribunal). We may mention here that the judgment and order of the Tribunal of ICI India Ltd., considered the decisions of Hon'ble Supreme Court in the case of CCE v. MRF Ltd., as reported in 1987 (27) E.L.T. 553 (S.C.) and subsequent review by the Supreme Court in the case of MRF Ltd. as reported in 1995 (77) E.L.T. 433 (S.C.). After considering the ratio laid down by the Hon'ble Supreme Court, the Tribunal held that the interest on receivables is a allowable deduction fro....