TMI Blog2010 (3) TMI 509X X X X Extracts X X X X X X X X Extracts X X X X ..... lfilment 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 s ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... bligation or shall be liable to pay interest @ 15% in terms of amendment made by Section 127 of the Finance Act, 2003. Section 127 of the Finance Act' 03 in terms of this sub-section (1) amended saying that that GSR 186(E) dated 1-4-1997 shall be amended to the extent indicated in column (3) of the third schedule appended to the Finance Act, 2003. By virtue of this amendment, the rate of interest ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the defaulted amount. Therefore, he prays for no interference to the order passed by the authority below. He also submits that Tribunal being a statutory authority is to proceed with the ratio laid down by the Apex Court. 3. Heard both sides extensively and examined the issue thoroughly. There is no dispute as to arise of liability to interest. It is only rate of interest that is in dispute. We ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ssue got amended by statutory provision, such statutory provision prevails and no further dispute arises to declare the applicable rate of interest, which in the present case for recovery shall be @ 15% of the amount recoverable since such rate has been enforced from 1-4-97. Accordingly, the appeal is allowed by such extent. 4. Learned Counsel submits that once the Appellant succeeds on the rate ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
