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2018 (1) TMI 644 - HC - CustomsInterest on delayed payment of duty - the petitioner s imports were in February 1994, much prior to the insertion of Section 28AB of the Act - order of the Settlement Commission - Held that: - In the case of Commissioner of Customs (Port) v. Settlement Commission, Cus. & C. Ex. [2004 (8) TMI 116 - HIGH COURT AT CALCUTTA], the Court considered somewhat a similar issue and held that as per Section 127H of the Act, the power of the Settlement Commission is relatable to waiver either partial or full amount of interest under the Act only. Further, it was held that the rate of interest of 24% was not the interest chargeable under the Act, but under the bond, which is contractual document in nature and this contractual question has not been examined by the Commission - the Hon’ble Supreme Court in the case of Rexnord Electronics and Controls Ltd., v. Union of India [2008 (3) TMI 8 - SUPREME COURT] held that the interest payable under the bond is not an interest payable under the Act. There is no error in the order passed by the Settlement Commission - appeal dismissed.
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