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Generate professional replies, appeals, opinions to Show Cause Notices, assessment orders, audit objections, and other legal communications using TaxTMI's AI Drafter.
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AI Drafter - (New and Powerful) ✕ Generate professional replies, appeals, opinions to Show Cause Notices, assessment orders, audit objections, and other legal communications using TaxTMI's AI Drafter.
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Issues: Whether interest on the refundable customs amount payable under Section 27 of the Customs Act, 1962 was to be computed at 12% per annum or at the statutory rate of 6% per annum.
Analysis: The dispute before the Court was confined to the rate of interest. The respondent accepted that the statutory rate applicable was 6% per annum, and the higher rate of 12% awarded by the Tribunal was not sustainable.
Conclusion: The interest rate was reduced from 12% to 6% per annum for the period from deposit until release, and the appeal succeeded to that extent in favour of the Revenue.
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