https://www.taxtmi.com/caselaws?id=46575 Interest on delayed drawback under the Customs Act is treated as simple interest because the statute prescribes only a notified annual rate and contains no express provision for compounding or rests. For accrual, the relevant claim date is the let export order date where the drawback claim is complete, but if a deficiency memo is issued, the claim is treated as filed on resubmission after defect cure; interest then runs after three months from that date. The applicable rate is not frozen at the export date but follows the notification in force for the relevant period. en-us Wed, 07 May 2003 00:00:00 +0530 Thu, 22 Jul 2010 15:40:18 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=46575 Interest on delayed drawback under the Customs Act is treated as simple interest because the statute prescribes only a notified annual rate and contains no express provision for compounding or rests. For accrual, the relevant claim date is the let export order date where the drawback claim is complete, but if a deficiency memo is issued, the claim is treated as filed on resubmission after defect cure; interest then runs after three months from that date. The applicable rate is not frozen at the export date but follows the notification in force for the relevant period. Case-Laws Customs Wed, 07 May 2003 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=46575