SKF LTD– 2009
Last updated: 13 October 2010
Court :
SC
Brief :
Issue: When the differential duty is paid immediately upon the recovery of price difference through issuance of supplementary invoice, whether interest shall still be payable on such differential duty?
Citation :
Facts: Assessee is engaged in the manufacture and sale of ball-bearings and textile machine parts. It sold goods manufactured by it on certain prices on payment of excise duty leviable on the price on which the goods were sold. Later on, there was a revision of prices with retrospective effect. Following the revision the assessee demanded from its customers the balance of the higher prices and issued to them supplementary invoices. At the same time it also paid the differential duty on the goods sold earlier. The Revenue took the view that the assessee was liable to pay interest on differential duty.
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Deepak Gupta
Published in Excise
Views : 2453
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