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        F. Acts / Amendment Acts

        Section 62 - Insertion of new section 28AB

        Finance (No. 2) Act, 1996
        Chapter IV
        INDIRECT TAXES
        CUSTOMS

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        Interest on delayed duty applies for collusion or willful suppression, charged from the month after payment became due until paid. Insertion of section 28AB imposes interest liability where duty was not levied, short levied, or erroneously refunded due to collusion, willful mis-statement, or suppression of facts; interest is charged at a Board-fixed rate within prescribed bounds from the month after duty became payable or from the date of erroneous refund until payment, is prospective only and excludes duties payable before assent, and is adjusted to reflect reductions or increases ordered on appeal or by a court.
                          Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
                            Provisions expressly mentioned in the judgment/order text.

                                Interest on delayed duty applies for collusion or willful suppression, charged from the month after payment became due until paid.

                                Insertion of section 28AB imposes interest liability where duty was not levied, short levied, or erroneously refunded due to collusion, willful mis-statement, or suppression of facts; interest is charged at a Board-fixed rate within prescribed bounds from the month after duty became payable or from the date of erroneous refund until payment, is prospective only and excludes duties payable before assent, and is adjusted to reflect reductions or increases ordered on appeal or by a court.


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