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TMI Blog2017 (2) TMI 1038X X X X Extracts X X X X X X X X Extracts X X X X ..... rom 07.09.1998 is contrary to the provisions of the Finance Act, 1999. The interest would be payable from 11.06.1999 to 10.10.2000 at the rate of 36% per annum. The appellants plea that the interest should be at the rate of 18% is not tenable because interest is being charged under clause 132 (2) (C) of Finance Act, 1999 read with Section 11AB of the Central Excise Act, 1944. Appeal disposed of - decided partly in favor of appellants. - E/2927/2006 - A/61736/2016-SM[BR] - Dated:- 25-11-2016 - Mr. Devender Singh, Member (Technical) None for the Appellant(s) Sh. G.M. Sharma, A.R. for the Respondent(s) Per : Devender Singh Despite notice, there is none for the appellants. In the notice, it was expressly stated that ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... f black and white picture tubes falling under sub-heading No. 8540.12 shall lapse and shall not be allowed to be utilized for payment of duty on any excisable goods, whether cleared for home consumption or for export; Provided that nothing contained in this clause shall apply to credit of duty, if any, in respect of inputs lying in stock or contained in finished products lying in stock on the first day of March, 1997. Pursuant to this notification, the appellants deposited credit of ₹ 2.50 lacs, which had already lapsed. The deposit was made on 10.10.2000 but no interest was paid. A show cause notice for demand of interest amount was issued. The same was confirmed. In appeal, the Ld. Commissioner (Appeals) in his order has d ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 1999, interest at a rate of 36% would be payable. Since the law is clear about the date of application of the interest as well as the rate of interest, charging the interest with effect from 07.09.1998 is contrary to the provisions of the Finance Act, 1999. 5. In their grounds of appeal, the appellants have made a plea that the period of interest should be from 30 days from 11.05.1999 that is from 11.06.1999 till the date of its payment on 10.10.2000 to which the Ld. A.R. fairly submits that he has no objection. Accordingly, it is held that the interest would be payable from 11.06.1999 to 10.10.2000 at the rate of 36% per annum. The appellants plea that the interest should be at the rate of 18% is not tenable because interest is being c ..... X X X X Extracts X X X X X X X X Extracts X X X X
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