https://www.taxtmi.com/caselaws?id=124625 The case addressed the interpretation of Sections 59(1)(b) and 61(2) of the Customs Act, 1962 concerning interest on warehoused goods. The Supreme Court ruled that interest liability arises only after the issuance of a demand notice under Section 59(1)(b) and can be collected from the specified date in the notice. It clarified that interest does not automatically accrue beyond the permitted warehousing period and emphasized the necessity of a competent authority's decision for extending warehousing periods and waiving interest. The judgment underscored the importance of adhering to the Customs Act provisions for determining interest liability on warehoused goods. en-us Fri, 25 Jul 2008 00:00:00 +0530 Wed, 03 Oct 2012 15:28:33 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=124625 The case addressed the interpretation of Sections 59(1)(b) and 61(2) of the Customs Act, 1962 concerning interest on warehoused goods. The Supreme Court ruled that interest liability arises only after the issuance of a demand notice under Section 59(1)(b) and can be collected from the specified date in the notice. It clarified that interest does not automatically accrue beyond the permitted warehousing period and emphasized the necessity of a competent authority's decision for extending warehousing periods and waiving interest. The judgment underscored the importance of adhering to the Customs Act provisions for determining interest liability on warehoused goods. Case-Laws Customs Fri, 25 Jul 2008 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=124625