https://www.taxtmi.com/caselaws?id=457459 CESTAT Chennai held that interest cannot be levied on delayed payment of CVD and SAD as Section 28AA of Customs Act, 1962 only covers basic customs duty, not duties under Customs Tariff Act. Following SC precedent in Union of India v. Mahindra & Mahindra Ltd., the tribunal set aside interest demand, goods confiscation, and redemption fine. Penalty under Section 114A was also quashed citing revenue neutrality principle from Jay Yushin Ltd. case, as appellant could claim credit for duties paid. Appeal partially allowed with duty confirmation upheld but all penalties and interest demands set aside. en-us Mon, 25 Sep 2023 00:00:00 +0530 Thu, 19 Sep 2024 20:17:19 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=457459 CESTAT Chennai held that interest cannot be levied on delayed payment of CVD and SAD as Section 28AA of Customs Act, 1962 only covers basic customs duty, not duties under Customs Tariff Act. Following SC precedent in Union of India v. Mahindra & Mahindra Ltd., the tribunal set aside interest demand, goods confiscation, and redemption fine. Penalty under Section 114A was also quashed citing revenue neutrality principle from Jay Yushin Ltd. case, as appellant could claim credit for duties paid. Appeal partially allowed with duty confirmation upheld but all penalties and interest demands set aside. Case-Laws Customs Mon, 25 Sep 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=457459