2009 (8) TMI 1134

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..... t. ORDER [Order per : Archana Wadhwa, Member (J)]. - After hearing both sides, we find that the interest to the tune of ₹ 5,06,818/- has been confirmed against the appellant along with imposition of penalty of equal amount on the ground that the subsequent duty payment on the basis of escalation clause in the contract would attract interest liability. 2. Learned advocate Shri J .....

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..... he appellant has to be confirmed in the light of the law declared by Hon ble Supreme Court in above referred matter. He leaves the matter of penalty to the discretion of the Tribunal. 4. In view of the above judgment of Hon ble Supreme Court in case of M/s SKF (India) Ltd., we confirm the interest. As regards penalty, we agree with the learned advocate that there was a bona fide belief on the p .....

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