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2010 (1) TMI 352 - AT - Central ExciseInterest- The appellants states that at the material time the rate of interest for delay in payment of duty was prescribed as 15% for the first period and 13% for the later period, under Section 11AB of the Central Excise Act, 1944. However, the authorities below have demanded interest at 24%, applying provisions of Rule 8(3) of the Central Excise Rule, 2002. Held that- when assessee defaults in payment of duty, there is delay in payment. Cases of default and delay are one and the same. Interest at higher rate than that provided under section 11AB cannot be prescribed under subordinate rules as held by precedents. The appeal is allowed.
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