https://www.taxtmi.com/caselaws?id=450727 CESTAT Kolkata held that interest provisions under Section 18(3) of Customs Act, 1962 cannot be applied retrospectively to provisional assessments made before its insertion on 13.07.2006. The tribunal ruled that substantive legislation is prospective unless expressly declared retrospective by the Legislature. Since appellant's provisional assessment occurred prior to the amendment, no interest liability arises on differential duty upon finalization. The assessment order demanding interest was quashed as legally flawed. Appeal allowed. en-us Fri, 09 Feb 2024 00:00:00 +0530 Mon, 11 Mar 2024 16:02:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=450727 CESTAT Kolkata held that interest provisions under Section 18(3) of Customs Act, 1962 cannot be applied retrospectively to provisional assessments made before its insertion on 13.07.2006. The tribunal ruled that substantive legislation is prospective unless expressly declared retrospective by the Legislature. Since appellant's provisional assessment occurred prior to the amendment, no interest liability arises on differential duty upon finalization. The assessment order demanding interest was quashed as legally flawed. Appeal allowed. Case-Laws Customs Fri, 09 Feb 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=450727