Home Case Index All Cases Central Excise Central Excise + AT Central Excise - 2017 (2) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2017 (2) TMI 1038 - CESTAT CHANDIGARHInterest - whether the appellants are liable to pay interest from 07.09.1998 to 10.10.2000 on the amount of ₹ 2.50 lacs deposited by them pursuant to the amendment in Rule 57 F(17) in the Finance Act, 1999? Held that: - Clause 132 (2) (C) of the Finance Act, 1999 clearly says that in the event of non-payment of such Cenvat Credit within a period of thirty days of the receipt of assent of the President to the Finance Act, 1999, interest at a rate of 36% would be payable. Since the law is clear about the date of application of the interest as well as the rate of interest, charging the interest with effect from 07.09.1998 is contrary to the provisions of the Finance Act, 1999. The interest would be payable from 11.06.1999 to 10.10.2000 at the rate of 36% per annum. The appellants plea that the interest should be at the rate of 18% is not tenable because interest is being charged under clause 132 (2) (C) of Finance Act, 1999 read with Section 11AB of the Central Excise Act, 1944. Appeal disposed of - decided partly in favor of appellants.
|