COMMISSIONER OF CENTRAL EXCISE Vs. NOVAPAN INDUSTRIES LTD.

JUDGEMENT

(1.) IN these five Revenue appeals, the basic issue pertains to availability of deduction of interest on receivables from the assessable value. Appeal Nos. E/991 to E/992/99 are against Order -in -Appeal No.1/89 and 15/99 dated 15.2.99 passed by the Commissioner (Appeals). Appeal Nos. E/998 to E/990 are against Order -in -Appeal No. 14/99 passed by the Commissioner (Appeals). Since the basic issue in all these appeals is common, the same are being considered together.

(2.) HEARD Shri S. Kannan, Ld. DR for the Revenue and Shri A.P. Datar, learned Counsel assisted by Shri Saravanan, learned Counsel for the Respondent.

(3.) LEARNED DR submits that the Revenue is aggrieved by the orders impugned on two counts. Firstly these orders are against Board's Circular No.194/28/96 CX dated 29.3.96, the operative portion of which is extracted below: