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2010 (10) TMI 278 - CESTAT, KOLKATADemand of interest - Rate of interest - The Revenue demanded the interest at the rate of 2% per month as per Notification 12/2003-C.E. (N.T.), dated 1-3-2003 for the default period - The said Notification enhanced the rate of interest from 15% P.A. to 2% per month - the respondent paid the duty on 16-4-2003 - The Notification provides that “if the assessee fails to pay the amount of duty by the due date, he shall be liable to pay the outstanding amount along with interest at the rate of 2% - This provision came into force from 1-4-2003 - Hence, amount of duty paid after the due date shall be liable for interest at the rate of 2% w.e.f. 1-4-2003 - the appeal is allowed in favour of Revenue.
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