9911796707
TMI Blog2002 (4) TMI 496X X X X Extracts X X X X X X X X Extracts X X X X ..... [Order per : Jyoti Balasundaram, Member (J)]. The respondents herein had imported polyster filament yarn (PFY) in 1982 for which Bill of Entry for warehousing was filed at Mumbai. The goods were then removed under bond for re-warehousing at Surat. At the relevant time, the goods were liable to duty at the rate of 200% Basic Customs Duty, 10% Auxiliary Duty and CVD at Rs. 87.50 per kg. Befo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... id in July, 1993. Show cause notice dated 21-10-93 was issued under Section 124 of the Customs Act, 1962 calling upon the respondents to pay interest amount of Rs. 27,18,344/- at the rate of 12% from 6-9-93, 18% from 20-9-88 and 20% from 23-12-91 until the date of actual payment under Section 61(2) read with Section 59 of the Customs Act, 1962. The notice was confirmed by the Asstt. Commissioner w ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nd simultaneously, by issue of Notification 143/83, dated 13-5-83, the rate of interest in Section 59(1)(b) was increased from 6% to 12% per annum. Thus, it is seen that Section 59 and Section 61 will come into play only in respect of warehoused goods. The department is seeking to rely upon provisions of Section 59(1)(b) in isolation of the provisions of Section 61, which is not permissible in law ..... X X X X Extracts X X X X X X X X Extracts X X X X
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