https://www.taxtmi.com/caselaws?id=762836 The HC reversed the writ court's order, allowing the writ appeal filed by the Director General of Foreign Trade. The court upheld the demand for interest and penal action under the Foreign Trade (Development and Regulation) Act, 1992, concluding that the interest clause in the bond was binding. The show cause notice dated 22.04.2002 remained valid, and the court declined to interfere, emphasizing that interest could be levied if stipulated under the relevant notification or the Customs Act. The decision reinforced the enforceability of interest payment clauses in cases of default on export obligations. en-us Mon, 28 Oct 2024 00:00:00 +0530 Fri, 06 Dec 2024 10:09:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=762836 The HC reversed the writ court's order, allowing the writ appeal filed by the Director General of Foreign Trade. The court upheld the demand for interest and penal action under the Foreign Trade (Development and Regulation) Act, 1992, concluding that the interest clause in the bond was binding. The show cause notice dated 22.04.2002 remained valid, and the court declined to interfere, emphasizing that interest could be levied if stipulated under the relevant notification or the Customs Act. The decision reinforced the enforceability of interest payment clauses in cases of default on export obligations. Case-Laws Customs Mon, 28 Oct 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=762836