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Section 80P deduction covers Souharda credit societies, including qualifying surplus-deposit interest, subject to member KYC verification for cash dep...
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Statutory refund interest is confined to the rate and scope provided by the statute; a claim for 12% interest was rejected because no additional interest beyond the statutory scheme can be awarded. Amounts paid during customs investigation, before assessment or a crystallised liability, remain deposits and do not become duty merely because they are credited under a duty head. Where an appeal is filed after the mandatory pre-deposit, any further amount retained cannot be appropriated as duty; the entire sum deposited during investigation or before appeal is to be treated as pre-deposit and refunded with statutory interest under section 129EE from the date of deposit, with only interest computation left open.
Statutory refund interest is confined to the rate and scope provided by the statute; a claim for 12% interest was rejected because no additional interest beyond the statutory scheme can be awarded. Amounts paid during customs investigation, before assessment or a crystallised liability, remain deposits and do not become duty merely because they are credited under a duty head. Where an appeal is filed after the mandatory pre-deposit, any further amount retained cannot be appropriated as duty; the entire sum deposited during investigation or before appeal is to be treated as pre-deposit and refunded with statutory interest under section 129EE from the date of deposit, with only interest computation left open.
Note: It is a system-generated summary and is for quick reference only.
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