9911796707
TMI Blog1991 (1) TMI 285X X X X Extracts X X X X X X X X Extracts X X X X ..... fund of interest paid by them on consignments imported prior to 13-5-1983, that is, the date on which Section 61 was amended to provide for payment of interest. 3. The facts of the case in brief are as follows :- M/s. J.K. Synthetics Ltd., Kota, imported some consignments of MEG, DMT, etc. during the period May, 1982 to March, 1983 and deposited the same in public bonded warehouse as per the provision of Section 60 of the Customs Act. At the time when the imported goods entered the territorial waters of India, Sec. 61 did not provide for payment of interest. However, by amendment on 13-5-1983 Section 61 was amended providing for a lesser period of bonding, that is, three months only instead of one year in the case of goods other than no ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 1(2): Where any warehoused goods remain in a warehouse beyond the period of one year or three months specified in Clause (a) or Clause (b) of sub-section (1) by reason of the extension of the aforesaid period or otherwise, interest at such rate, not exceeding eighteen per cent, per annum as is for the time being fixed by the Board, shall be payable on the amount of duty on the warehoused goods for the period from the expiry of the period of one year or, as the case may be, three months, till the date of the clearance of the goods from the warehouse. Sub-section (2) thus provides for charging of interest in respect of goods which remain warehoused beyond the periods specified in Clauses (a) and (b) of sub-section 1 [Clause (a) deals wi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... see no reason to interfere with the impugned order and accordingly uphold the same and dismiss the appeal. 7. [Order per : D.C. Mandal]. - I have carefully perused the order written by learned Judicial Member Ms. Jyoti Balasundaram and concurred by learned Technical Member Shri I.J. Rao, but I could not persuade myself to agree with their decision. The normal period of warehousing for these goods under Section 61 of the Customs Act was one year when the same were warehoused on importation. Section 61 was amended on 13-5-1983. As a result of amendment of that Section the bonding period for these goods were reduced from one year to three months and a provision was inserted providing for charging interest on the amount of duty for the extend ..... X X X X Extracts X X X X X X X X Extracts X X X X
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