Appellate tribunal rules assessees liable for interest on duty demand period. The Chennai appellate tribunal ruled that assessees are liable to pay interest for the period of demand of duty from 1-8-2001 to 30-4-2002. The tribunal ...
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Appellate tribunal rules assessees liable for interest on duty demand period.
The Chennai appellate tribunal ruled that assessees are liable to pay interest for the period of demand of duty from 1-8-2001 to 30-4-2002. The tribunal upheld the Revenue's position that interest should be paid, rejecting the lower appellate authority's decision to set aside the interest due to lack of mens rea. The appeals for recovery of interest were allowed, and cross-objections were dismissed as mere comments on the Revenue's appeal.
The appellate tribunal in Chennai held that the assessees are liable to pay interest for the period of demand of duty from 1-8-2001 to 30-4-2002. The lower appellate authority set aside the interest due to lack of mens rea, but mens rea is not required for interest levy under Section 11AB. The tribunal agreed with the Revenue that interest should be paid and allowed the appeals for recovery of interest. Cross-objections were dismissed as they were only comments on the Revenue's appeal.
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