9911796707
TMI Blog2024 (12) TMI 416X X X X Extracts X X X X X X X X Extracts X X X X ..... o. 2310 of 2013 And MP. No. 1 of 2013 - - X X X X Extracts X X X X X X X X Extracts X X X X ..... d the bank guarantee executed by the petitioner was thus enforced. 4.The petitioner was issued a show cause notice calling upon it to remit the differential duty on the import of the machineries originally imported on concessional rate. Inter alia, there was also a stipulation for interest at the rate of 24%. The petitioner has remitted the duty in full and has challenged the show cause notice by ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e counter filed by the Customs Department, they rely upon Circular No.131/95-CUS, dated 20.12.1995, which refers to the levy of interest in the event of non-fulfilment of export conditions by the petitioner. The writ petition has ultimately come to be allowed referring to orders passed by the writ Court in other cases to the effect that there could be no levy of interest where there is no stipulat ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e Supreme Court in Rexnord Electronics and Controls Limited v. Union of India and others [(2008) 12 SCC 156] as well as this Court. The Supreme Court, considering an identical question as arising in this matter, has crystallised the issue, as to whether the term 'interest' will include within its fold interest payable under the bond furnished by the appellant before the DGFT at paragraph 1 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e demand for interest or in the proposal under impugned communication dated 22.04.2002 for penal action under the provisions of Section 11(2) of the Foreign Trade (Development and Regulation) Act, 1992, in the event of failure to remit interest within 30 days from the date of issue of that order. 12. In light of the discussion as aforesaid, we decline to interfere in the impugned show cause notic ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
