https://www.taxtmi.com/caselaws?id=127942 The Rajasthan High Court in Lucid Colloids Ltd. v. UOI held that interest under sub-rule 8(3) of the Central Excise Rules, 2002, could only be charged at 2% per month or 24% per annum. The appellants were not liable to pay the differential interest amount of Rs. 85,900. They were, however, liable to pay an additional interest amount of Rs. 6,637 due to a calculation error. A penalty of Rs. 1,000 was imposed instead of the initial Rs. 10,000, as the contravention was not with intent to evade duty and considering the mitigating factor of voluntary payment. The impugned order was set aside, except for the specified directions regarding interest and penalty. en-us Wed, 17 Dec 2008 00:00:00 +0530 Mon, 25 Mar 2013 10:24:09 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=127942 The Rajasthan High Court in Lucid Colloids Ltd. v. UOI held that interest under sub-rule 8(3) of the Central Excise Rules, 2002, could only be charged at 2% per month or 24% per annum. The appellants were not liable to pay the differential interest amount of Rs. 85,900. They were, however, liable to pay an additional interest amount of Rs. 6,637 due to a calculation error. A penalty of Rs. 1,000 was imposed instead of the initial Rs. 10,000, as the contravention was not with intent to evade duty and considering the mitigating factor of voluntary payment. The impugned order was set aside, except for the specified directions regarding interest and penalty. Case-Laws Central Excise Wed, 17 Dec 2008 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=127942