https://www.taxtmi.com/caselaws?id=761150 CESTAT Chandigarh rejected assessee's claim for interest under Section 27A of the Customs Act, 1962 on refund of 20% deposit. The tribunal held that such deposits constitute security deposits rather than duty payments, and therefore do not attract interest liability upon refund. Following precedents from Rajendra Mechanical Industries and Advance Mechanical Works, and relying on Saraswati Knitwear Pvt. Ltd., the tribunal ruled that no interest is payable on refunds when assessment is finalized within the prescribed three-month period under Section 18(4). The appeal was decided against the assessee. en-us Mon, 04 Nov 2024 00:00:00 +0530 Tue, 05 Nov 2024 12:30:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=761150 CESTAT Chandigarh rejected assessee's claim for interest under Section 27A of the Customs Act, 1962 on refund of 20% deposit. The tribunal held that such deposits constitute security deposits rather than duty payments, and therefore do not attract interest liability upon refund. Following precedents from Rajendra Mechanical Industries and Advance Mechanical Works, and relying on Saraswati Knitwear Pvt. Ltd., the tribunal ruled that no interest is payable on refunds when assessment is finalized within the prescribed three-month period under Section 18(4). The appeal was decided against the assessee. Case-Laws Customs Mon, 04 Nov 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=761150