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2016 (1) TMI 1048 - AT - CustomsDemand of duty with interest against where appellant imported capital goods under EPCG license, however failed to fulfill the export obligations. - Held that:- In view of the undisputed position, we are of the considered view that demand confirmed, upheld and encased through bank guarantee is legal and proper and the same is maintained. As regard the interest, the Adjudicating Authority is directed to verify the rate of interest applicable during the period from the date of import till the appropriation of bank guarantee i.e. the date of recovery of custom duty and accordingly the interest should be re-quantified. - Decided against the assessee.
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