2010 (1) TMI 352

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....[Order]. - Heard both sides. Shri M. Kannan, Ld. Advocate appearing for the appellants states that at the material time the rate of interest for delay in payment of duty was prescribed as 15% for the first period and 13% for the later period, under Section 11AB of the Central Excise Act, 1944. However, the authorities below have demanded interest at 24%, applying provisions of Rule 8(3) of the Cen....

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....hat when an assessee defaults in payment of duty, there is delay in payment of duty and hence the cases of default and delay in payment are one and the same. In view of the fact that the Court and Tribunal have already held that interest at a rate higher than that provided under Section 11AB cannot be prescribed under Subordinate rules, the appellants were required only to pay the prescribed rate ....