Interest on excess duty: liable persons must pay interest from the date payment was due until actual payment. Where amounts collected in excess of assessed excise duty are payable, the person determined liable must pay interest from the first day of the month after the month in which the amount ought to have been paid until payment. Government notification will fix the rate within a prescribed band. A concession exempts interest where the full amount demanded under a Board order is voluntarily paid within the specified period without reserving appeal rights. Appellate reductions or increases adjust the interestable amount accordingly. The provision is not retrospective to amounts due before enactment assent.
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 excess duty: liable persons must pay interest from the date payment was due until actual payment.
Where amounts collected in excess of assessed excise duty are payable, the person determined liable must pay interest from the first day of the month after the month in which the amount ought to have been paid until payment. Government notification will fix the rate within a prescribed band. A concession exempts interest where the full amount demanded under a Board order is voluntarily paid within the specified period without reserving appeal rights. Appellate reductions or increases adjust the interestable amount accordingly. The provision is not retrospective to amounts due before enactment assent.
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