2007 (6) TMI 376

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....r the Respondent. [Order]. - The Revenue is aggrieved by the order of the Commissioner (Appeals) holding that interest chargeable during the period when the respondents defaulted in payment of duty was 24% per annum. According to the Revenue the rate of interest should have been 2% per month or Rs. 1,000/- per day whichever is higher in terms of Rule 8(3) of Central Excise Rules as amended b....

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.... duty and interest are outstanding, to have been cleared without payment of duty. I, therefore, accept the contention of the Revenue that the rate of interest levied by the lower appellate authority, namely, 24% per annum incorrect and the interest is required to be levied @ 2% per month or Rs. 1,000/- per day whichever is higher. I also see force in the contention of the Revenue that although the....