https://www.taxtmi.com/caselaws?id=44242 The Supreme Court upheld the Karnataka High Court's decision in a case involving the interpretation of Sections 58 and 59 of the Customs Act, 1962. The Court ruled that interest on duty for warehoused goods is chargeable only after the specified period in the notice of demand expires, rejecting a fixed interest rate argument. The High Court's direction to recalculate interest based on prevailing duty rates during the relevant period was deemed reasonable. Consequently, the appeals were dismissed, affirming the High Court's judgment without awarding costs. en-us Tue, 19 Mar 1996 00:00:00 +0530 Wed, 09 Jul 2014 17:25:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=44242 The Supreme Court upheld the Karnataka High Court's decision in a case involving the interpretation of Sections 58 and 59 of the Customs Act, 1962. The Court ruled that interest on duty for warehoused goods is chargeable only after the specified period in the notice of demand expires, rejecting a fixed interest rate argument. The High Court's direction to recalculate interest based on prevailing duty rates during the relevant period was deemed reasonable. Consequently, the appeals were dismissed, affirming the High Court's judgment without awarding costs. Case-Laws Customs Tue, 19 Mar 1996 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=44242