2015 (2) TMI 1120

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....ters imported 4 consignments of poppy seeds and filed Bill of Entry No. 662776 dt. 8.12.2000 Bill of Entry No. 662777 dt. 8.12.2000, and Bill of Entry Nos. 662784 & 663451 dt. 18.12.2000. The invoice on transaction value was rejected and the consignment was assessed provisionally under Section 18 at US$ 1200 PMT CIF instead of transaction value being US$ 850 PMT. The assessee made payment of differential duty in cash on 27.12.2000 and also executed provisional duty bond for release of the goods. Thereafter, show cause notice dt. 19.2.2001 was showed and was confirmed vide Order-in-Original dt. 28.2.2001, confirming the enhanced value adopted for the provisional assessment. Being aggrieved, the appellant had approached this Tribunal and this....

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....eing aggrieved for non grant of interest, again appealed before Commissioner (Appeals), who vide the impugned order dt. 9.2.2011 was pleased to hold that the appellant is entitled to interest on the refunded amount from a date three months after 26.4.2007, to date of payment of refund, i.e. on or about 1.1.2008. 3. The Revenue is in the appeal against grant of interest by the Commissioner (Appeals) on the ground that the amount deposited by the assessee under Section 18 at the time of provisional assessment is by way of security deposit and not by way of duty and accordingly the Commissioner (Appeals) have erred in granting interest on refund. 4. On the other hand, the assessee is in appeal, for grant of compensatory interest, urges that ....

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....proper officer and where the goods are cleared for home consumption or exportation, the amount paid shall be adjusted against the duty finally assessed or reassessed, as the case may be, the importer or the exporter of the goods shall pay the deficiency and/or be entitled to a refund, as the case. Sub-section (3) further provides that the importer/exporter shall be liable to pay interest, on any amount payable to the Central Government consequent to the final assessment order or reassessment order under Sub-section (2), at the prescribed rate fixed from the first day of the month in which the duty is provisionally assessed till the date of payment thereof. Accordingly, the assessee's claim that refund of excess payment under Section 18 ....