https://www.taxtmi.com/caselaws?id=353908 Interest payable under an import bond was treated as contractual and not as statutory interest chargeable under the Customs Act, 1962, so the Settlement Commission's power under Section 127H did not extend to waiving or interfering with that obligation. Section 28AB, inserted on 20.08.1996, could not be applied to imports made in February 1994 to displace the interest liability. The Madras HC therefore found no jurisdictional error in the Commission's order levying interest, and the writ challenge failed with the levy upheld. en-us Tue, 02 Jan 2018 00:00:00 +0530 Fri, 29 Jun 2018 11:07:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=353908 Interest payable under an import bond was treated as contractual and not as statutory interest chargeable under the Customs Act, 1962, so the Settlement Commission's power under Section 127H did not extend to waiving or interfering with that obligation. Section 28AB, inserted on 20.08.1996, could not be applied to imports made in February 1994 to displace the interest liability. The Madras HC therefore found no jurisdictional error in the Commission's order levying interest, and the writ challenge failed with the levy upheld. Case-Laws Customs Tue, 02 Jan 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=353908