https://www.taxtmi.com/highlights?id=83470 Non-payment of interest on refund u/s 18(4) of the Customs Act 1962 upon finalization of provisional assessment was challenged. Upon completion of the specified import quantity under the contract, provisional assessments were finalized, and a refund amount was ordered, but no interest was paid on the delayed refund payment, which is payable u/s 18(4) read with Section 27A. The Tribunal held that upon finalization of provisional assessment, if a refund is liable, it must be paid within 3 months from the final assessment date. Any delay in refund payment beyond 3 months attracts interest liability, irrespective of filing a refund application. Accordingly, the department was liable to pay interest for the delay in refund payment beyond 3 months from the final assessment date. The appeal was allowed. en-us Fri, 29 Nov 2024 08:16:53 +0530 Fri, 29 Nov 2024 08:16:53 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=83470 Non-payment of interest on refund u/s 18(4) of the Customs Act 1962 upon finalization of provisional assessment was challenged. Upon completion of the specified import quantity under the contract, provisional assessments were finalized, and a refund amount was ordered, but no interest was paid on the delayed refund payment, which is payable u/s 18(4) read with Section 27A. The Tribunal held that upon finalization of provisional assessment, if a refund is liable, it must be paid within 3 months from the final assessment date. Any delay in refund payment beyond 3 months attracts interest liability, irrespective of filing a refund application. Accordingly, the department was liable to pay interest for the delay in refund payment beyond 3 months from the final assessment date. The appeal was allowed. Highlights Customs Fri, 29 Nov 2024 08:16:53 +0530 https://www.taxtmi.com/highlights?id=83470