Per Justice K. Sreedharan : Identical issues arise in these appeals. So, we consider it advantageous to dispose of them by a common order.

2. When appeals E/1698 - 1701/99 - A came up before a Bench of two Members, decisions of coordinate Benches were brought to its notice. Apparently, conflicting views were taken by different Benches on the question of deduction to be given on the sale price on account of interest on receivables claimed by the manufacturer for finding out the assessable value. In such a situation, that Bench referred the appeals for decision by a larger bench of three Members. That is how these appeals have come up before us.

3. Before dealing with the facts in the appeals pending before us, we will examine the question of law regarding the deduction to be made of interest on receivables for finding out the assessable value of the goods. One of the heads of deduction claimed by the manufacturers relates to interest on receivables. What is meant by interest on receivables ? This is nothing but interest realized from purchasers who get benefit of credit sale. If the sale is on credit for a fixed price and the same is payable within a fixed period mentioned in the