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2010 (3) TMI 509 - CESTAT, NEW DELHIInterest- Penalty - whether the appellant had operated under a bond for importing the brass items under Customs Notification No. 30/97-Cus., dated 1-4-97 and shall be required to pay interest @ 24% per annum on the value of material cleared for non-fulfilment of export obligation or shall be liable to pay interest @ 15% in terms of amendment made by Section 127 of the Finance Act, 2003? Held that – once there is interest liability in terms of bond, there shall not be any dispute to discharge that liability in terms of bond, there shall not be any dispute to discharge that liability, but even being governed by bond condition, rate of interest shall be payable in terms of Notification . reduced rate prescribed by amendment of law cannot be ignored. Once notification governing the issue got amended by statutory provision, such statutory provision prevail. Interest payable @ 15% per annum.
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