https://www.taxtmi.com/caselaws?id=431507 The court upheld the Settlement Commission's decision to refuse a waiver of interest under Section 127H of the Customs Act, determining that the liability to pay interest was contractual based on the bond executed between the Petitioner and Customs Authority. Additionally, the court rejected the argument of frustration of contract under Section 56 of the Indian Contract Act, finding that the economic crisis in East Asian countries did not sufficiently frustrate the contract. The court dismissed the Writ Petition, upholding the Settlement Commission's order with no costs. en-us Mon, 28 Nov 2022 00:00:00 +0530 Thu, 15 Dec 2022 09:30:52 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=431507 The court upheld the Settlement Commission's decision to refuse a waiver of interest under Section 127H of the Customs Act, determining that the liability to pay interest was contractual based on the bond executed between the Petitioner and Customs Authority. Additionally, the court rejected the argument of frustration of contract under Section 56 of the Indian Contract Act, finding that the economic crisis in East Asian countries did not sufficiently frustrate the contract. The court dismissed the Writ Petition, upholding the Settlement Commission's order with no costs. Case-Laws Customs Mon, 28 Nov 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=431507