https://www.taxtmi.com/caselaws?id=344897 The court ruled in favor of the assessee, holding that the provision for levy of interest under the Customs Act, 1962 could not be applied retrospectively to goods imported before the insertion of the relevant section. It was determined that the Customs authorities could not enforce the bond for recovery of interest as it was a contractual obligation with the licensing authority, not the Customs authorities. The court found that the judgments relied upon by the Tribunal were misinterpreted. Consequently, the appeal was allowed, the Tribunal's decision was set aside, and the assessee was not liable to pay interest under the Customs Act as it stood in February 1995. en-us Thu, 08 Jun 2017 00:00:00 +0530 Fri, 17 Nov 2017 12:57:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=344897 The court ruled in favor of the assessee, holding that the provision for levy of interest under the Customs Act, 1962 could not be applied retrospectively to goods imported before the insertion of the relevant section. It was determined that the Customs authorities could not enforce the bond for recovery of interest as it was a contractual obligation with the licensing authority, not the Customs authorities. The court found that the judgments relied upon by the Tribunal were misinterpreted. Consequently, the appeal was allowed, the Tribunal's decision was set aside, and the assessee was not liable to pay interest under the Customs Act as it stood in February 1995. Case-Laws Customs Thu, 08 Jun 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=344897