https://www.taxtmi.com/caselaws?id=120860 The Settlement Commission for Customs and Central Excise granted partial immunity to the applicants from interest exceeding 10% per annum in a settlement application for customs duty. The applicants admitted the duty demand, leading to the encashment of the Bank Guarantee. The Bench found the applicants liable for interest under the DEEC Scheme's contractual obligations but granted immunity from confiscation, penalty, and prosecution under the Customs Act. Immunities were extended to co-applicants, contingent on truthful disclosure. en-us Tue, 04 Jul 2006 00:00:00 +0530 Wed, 25 Jul 2012 10:30:21 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=120860 The Settlement Commission for Customs and Central Excise granted partial immunity to the applicants from interest exceeding 10% per annum in a settlement application for customs duty. The applicants admitted the duty demand, leading to the encashment of the Bank Guarantee. The Bench found the applicants liable for interest under the DEEC Scheme's contractual obligations but granted immunity from confiscation, penalty, and prosecution under the Customs Act. Immunities were extended to co-applicants, contingent on truthful disclosure. Case-Laws Customs Tue, 04 Jul 2006 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=120860