https://www.taxtmi.com/caselaws?id=43938 The court held that importers are liable to pay interest on the duty amount assessed at the time of warehousing under Section 61(2) of the Customs Act, 1962, even if the goods are later cleared duty-free under the DEEC Scheme. Interest accrues from the expiry of the warehousing period until clearance, regardless of the final duty amount. The court rejected arguments that no interest is payable when duty is nil under the DEEC Scheme. The court emphasized the prospective application of the Exemption Notification and DEEC Scheme, dismissing claims for retroactive nullification of duty and interest liabilities. The writ petitions were dismissed, and costs were awarded to the respondent. en-us Thu, 19 Nov 1992 00:00:00 +0530 Tue, 22 Jun 2010 10:07:50 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=43938 The court held that importers are liable to pay interest on the duty amount assessed at the time of warehousing under Section 61(2) of the Customs Act, 1962, even if the goods are later cleared duty-free under the DEEC Scheme. Interest accrues from the expiry of the warehousing period until clearance, regardless of the final duty amount. The court rejected arguments that no interest is payable when duty is nil under the DEEC Scheme. The court emphasized the prospective application of the Exemption Notification and DEEC Scheme, dismissing claims for retroactive nullification of duty and interest liabilities. The writ petitions were dismissed, and costs were awarded to the respondent. Case-Laws Customs Thu, 19 Nov 1992 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=43938