Interest on Customs Assessments: CESTAT Rules No Retrospective Application of Section 18(3) Amendment.

Liability to pay interest upon finalization of provisional assessment prior to insertion of sub-section (3) in Section 18 of the Customs Act, 1962 - The CESTAT analyzed Section 18(3) of the Customs Act, which imposes interest liability on the importer or exporter upon final assessment order. However, this provision was inserted after the provisional assessment in question.The Tribunal cited legal principles stating that legislation is prospective unless expressly made retrospective. Previous cases and statutory interpretations affirmed this principle.It was concluded that the amendment to Section 18 was substantive and not clarificatory, thus lacking retrospective applicability. .....

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