https://www.taxtmi.com/caselaws?id=3359 The Supreme Court held that the Settlement Commission lacks jurisdiction to waive interest payable under a bond furnished to the Director General of Foreign Trade. The Court affirmed the High Court's decision, stating that the Settlement Commission's power to grant immunity from interest is limited to interest under the Customs Act, not contractual interest under a bond. The appellant was required to pay the duty and interest as per the bond terms, and the Settlement Commission's direction to pay the interest was deemed valid. The appeal was dismissed. en-us Tue, 04 Mar 2008 00:00:00 +0530 Sun, 04 May 2008 11:50:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=3359 The Supreme Court held that the Settlement Commission lacks jurisdiction to waive interest payable under a bond furnished to the Director General of Foreign Trade. The Court affirmed the High Court's decision, stating that the Settlement Commission's power to grant immunity from interest is limited to interest under the Customs Act, not contractual interest under a bond. The appellant was required to pay the duty and interest as per the bond terms, and the Settlement Commission's direction to pay the interest was deemed valid. The appeal was dismissed. Case-Laws Customs Tue, 04 Mar 2008 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=3359