2010 (10) TMI 278

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....kraborty, Consultant, for the Respondent. [Order].  - Heard both sides. The Revenue filed this appeal against the impugned order whereby the Commissioner (Appeals) set aside the demand of interest at the rate of 2% per month in view of Notification 12/2003-C.E. (N.T.), dated 1-3-2003. 2. Brief facts of the case are that the respondents are paying duty on monthly basis. The respo....

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....he interest at the rate of 2% per month as per Notification 12/2003-C.E. (N.T.), dated 1-3-2003 for the default period. The Commissioner (Appeals) set aside the demand of interest on the ground that the due date was 31-3-2003 for payment of duty by the respondent and the Notification 12/2003-C.E. (N.T.), dated 1-3-2003 comes into force on 1-4-2003 which is prospective in nature. Therefore, the int....

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.... no dispute that the Notification 12/2003-C.E. (N.T.), dated 1-3-2003 is prospective in nature. The said Notification enhanced the rate of interest from 15% P.A. to 2% per month. In the present case, the respondent paid the duty on 16-4-2003. At the rate of payment of duty, the Notification has already come in force and the provisions of Notification are clear on this point. The Notification provi....