https://www.taxtmi.com/caselaws?id=44292 The court held that interest under Section 61(2) of the Customs Act is only applicable when goods are physically warehoused. The petitioner was not liable for interest before physical warehousing, as confirmed by the court order directing warehousing. The court rejected the customs authorities' argument that bond numbers equated to warehousing, emphasizing the necessity of physical warehousing for interest liability. The judgment clarified that interest is charged only on goods physically warehoused for over a year, leading to a refund order for the petitioner and disposal of the writ petition without costs. en-us Fri, 19 Mar 1993 00:00:00 +0530 Fri, 25 Jun 2010 12:38:17 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=44292 The court held that interest under Section 61(2) of the Customs Act is only applicable when goods are physically warehoused. The petitioner was not liable for interest before physical warehousing, as confirmed by the court order directing warehousing. The court rejected the customs authorities' argument that bond numbers equated to warehousing, emphasizing the necessity of physical warehousing for interest liability. The judgment clarified that interest is charged only on goods physically warehoused for over a year, leading to a refund order for the petitioner and disposal of the writ petition without costs. Case-Laws Customs Fri, 19 Mar 1993 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=44292