2010 (8) TMI 371 - AT - Customs

Interest Delayed refund of security amount Assessee not entitled to interest as section 27A of Customs Act, 1962 provides payment of interest at specified rate in event of delay in refund of duty only and not in security deposit section 27A

Summary

The appellate tribunal allowed the appeal partially, stating that interest on delayed refund is not applicable for security deposit but is applicable for the amount representing duty. The appellant is entitled to interest on the duty amount of Rs. 4,52,735.