https://www.taxtmi.com/caselaws?id=3961 Interest on duty-related amounts was governed by Section 11AB of the Central Excise Act, 1944, because the statutory rate prevails over a higher rate fixed by notification under Rule 19 of the Central Excise Rules, 2002. The notification prescribing 24% interest was therefore not enforceable to the extent it conflicted with the Act, and the assessee was entitled only to the statutory rate of 15%. The amending Notification No. 20/07, which substituted the reference to Section 11AB for the 24% figure, was treated as clarificatory and retrospective, aligning the notification with the governing statutory provision. en-us Tue, 04 Dec 2007 00:00:00 +0530 Tue, 13 May 2008 00:00:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=3961 Interest on duty-related amounts was governed by Section 11AB of the Central Excise Act, 1944, because the statutory rate prevails over a higher rate fixed by notification under Rule 19 of the Central Excise Rules, 2002. The notification prescribing 24% interest was therefore not enforceable to the extent it conflicted with the Act, and the assessee was entitled only to the statutory rate of 15%. The amending Notification No. 20/07, which substituted the reference to Section 11AB for the 24% figure, was treated as clarificatory and retrospective, aligning the notification with the governing statutory provision. Case-Laws Central Excise Tue, 04 Dec 2007 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=3961