2010 (1) TMI 151 - SUPREME COURT

Interest- a show cause notice issued for the demand of interest u/s 11AB on the grounds that difference arose between the price on the date of removal and the enhanced price at which the goods stood ultimately sold. Held that- Explanation (2) to sub-section 2(B) of section 11A ibid states that payment by assesees in default by own ascertainment or as ascertained by C.E. officer not exempt from interest chargeable under section 11AB ibid. Interest leviable for loss of revenue on any count. Accrual of price differential duty when paid after clearance, it indicates short payment/ short levy on date of removal hence interest become leviable.