https://www.taxtmi.com/caselaws?id=125354 The Appellate Tribunal CESTAT, Mumbai, ruled that the appellants were not liable to pay interest at the rate of Rs. 1,000 per day for belatedly paid duty under Rule 8(3) of the Central Excise Rules, 2002. The Tribunal held that the interest rate specified in Rule 8(3) was invalidated and that the appellants had paid interest at the correct rate of 13% per annum as notified by the Central Government. However, the penalty of Rs. 10,000 imposed under Rule 25 of the Central Excise Rules, 2002, was deemed reasonable and upheld by the Tribunal. en-us Tue, 24 Mar 2009 00:00:00 +0530 Tue, 23 Oct 2012 12:05:14 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=125354 The Appellate Tribunal CESTAT, Mumbai, ruled that the appellants were not liable to pay interest at the rate of Rs. 1,000 per day for belatedly paid duty under Rule 8(3) of the Central Excise Rules, 2002. The Tribunal held that the interest rate specified in Rule 8(3) was invalidated and that the appellants had paid interest at the correct rate of 13% per annum as notified by the Central Government. However, the penalty of Rs. 10,000 imposed under Rule 25 of the Central Excise Rules, 2002, was deemed reasonable and upheld by the Tribunal. Case-Laws Central Excise Tue, 24 Mar 2009 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=125354