Home Case Index All Cases Central Excise Central Excise + SC Central Excise - 1998 (3) TMI SC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
1998 (3) TMI 136 - SC - Central ExciseInterest on demand - Held that:- In the present case, the appellant's submission that he should not be asked to pay interest on the entire amount of ₹ 6,20,28,059.98 has not impressed us, looking to the intervening changes in the law as a result of the insertion of Section 11B and the decision of this Court in the case of Mafatlal Industries Ltd. v. Union of India (1996 (12) TMI 50 - SUPREME COURT OF INDIA) and the facts and circumstances of the case. The order directing the appellant to pay interest, however, is modified as follows in the facts and circumstances of the present case set out above. We, therefore, direct the appellant to pay interest at the rate of 12% per annum on the said amount of ₹ 6,20,28,059.98 from 1-10-1991 to 1-5-1997, the latter date being the date when the entire principal amount was recovered by the respondents. The appeal is, therefore, dismissed with the above modification in the High Court's order.
|