2007 (6) TMI 376

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..... [Order]. The Revenue is aggrieved by the order of the Commissioner (Appeals) holding that interest chargeable during the period when the respondents defaulted in payment of duty was 24% per annum. According to the Revenue the rate of interest should have been 2% per month or Rs. 1,000/- per day whichever is higher in terms of Rule 8(3) of Central Excise Rules as amended by Notification 12/20 .....

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..... ng, to have been cleared without payment of duty. I, therefore, accept the contention of the Revenue that the rate of interest levied by the lower appellate authority, namely, 24% per annum incorrect and the interest is required to be levied @ 2% per month or Rs. 1,000/- per day whichever is higher. I also see force in the contention of the Revenue that although the Commissioner (Appeals) has uphe .....

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