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2016 (12) TMI 1498 - AT - CustomsRecovery of interest - N/N. 36/97-Cus dated 11/4/1997 - though the appellant was required to execute the bond in respect of duty and interest thereon. However the appellant executed the bond only in respect of duty and there is no mention about interest in the said bond. Even the bond accepting authority has not raised any objection at the time of execution of the bond - Held that: - The identical issue has been decided by the Hon’ble Apex Court in case of Jayaswal Neco Ltd [2015 (8) TMI 243 - SUPREME COURT] wherein Hon’ble Apex Court held that when the bond does not contain the terms of payment of interest, recovery of interest cannot be made, despite there is a condition of executing the bond not only for the duty but also for the interest, in terms of notification - demand of interest set aside - the confirmation of demand and appropriation of amount of duty paid by the appellant are maintained - appeal allowed - decided in favor of appellant.
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