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2014 (6) TMI 236 - AT - Central ExciseDemand of differential interest per day - Delay in payment of duty - Held that:- The part of Rule 8(3) which includes expression ‘at the rate of two per cent, per month or rupees one thousand per day, whichever is higher’ is held to be invalid. Consequently, interest chargeable on delayed payment had to be only at the rate of 2% per month or for that matter 24% per annum as notified by the State Government in terms of the Section 11BC, which is between the permissible limits in ‘terms of Section 11AB. Consequently, the demand notices are quashed and interest on delayed payment has to be recomputed - Following decision of Lucid Colloids Ltd. Vs. Union of India [2005 (8) TMI 134 - HIGH COURT OF JUDICATURE FOR RAJASTHAN AT JODHPUR] - Decided against Revenue.
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