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2014 (8) TMI 880 - AT - CustomsProvisional assessment - Finalization attained later on - Interest demand - Whether interest shall be levied on the differential duty in respect of provisional assessments made before 13.07.2006 but finalised on 18.07.2011. - Held that:- There is no dispute of the fact about the import and the date of provisional assessment as well as date of finalisation thereof. Provisional assessments were completed on 18.02.2005 and finalisation thereof was made on 18.07.2011. Sub section 18(3) of Customs of the Act authorising recovery of interest came to the statute book on 13.07.2006. Rule of interpretation guides to hold that when subsection (3) was not in force on the date of filing of Bills of entry nor existing even on the date of finalisation of provisional assessments, but was enacted on 13.07.06, that shall have no application to the case of the appellant for the reason that it is, by now, well settled that the statutory amendments, either creating fresh liability hitherto not existing or extinguishing accrued rights would be considered prospective unless statute either specifically or by necessary implication gives such provision retrospective effect. Hon’ble High Court of Gujarat in the case of CC(preventive) v. Goyal Traders reported in [2011 (8) TMI 720 - Gujarat High Court] held that liability to pay interest created by statute shall have prospective application for which Revenue’s contentions are devoid of merit and the impugned order has no basis - Decided in favour of assessee.
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