2010 (3) TMI 509

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....[Order per : D.N. Panda, Member (J)]. - The precise question involved is as to whether the appellant had operated under a bond for importing the brass items under Customs Notification No. 30/97-Cus., dated 1-4-97 and shall be required to pay interest @ 24% per annum on the value of material cleared for non-fulfilment of export obligation or shall be liable to pay interest @ 15% in terms of amendme....

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....se of Rexnord Electronics & Control Ltd. v. UOI reported in 2008 (224) E.L.T. 184 (S.C.). According to him, an assessee operating under a bond is subject to the conditions of the bond and interest prescribed in terms of such condition shall become payable irrespective of any statutory provisions prescribing rate of interest on the defaulted amount. Therefore, he prays for no interference to the or....

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.... governed by the bond condition, the rate of interest shall become payable in terms of the Notification No. 30/97-Cus., dated 1-4-97, the reduced rate prescribed by amendment of law, to 15% as against 24% in terms of the amendment made by Section 127(1) of Finance Act, 2003 cannot be ignored. Once a notification governing an issue got amended by statutory provision, such statutory provision prevai....