TaxTMI 
TaxTMI 
2007 (11) TMI 318
X X X X Extracts X X X X
X X X X Extracts X X X X
....ndents to forthwith repay the pre-deposited amount with interest thereon as contemplated in the Board's circular dated 8th December, 2004. By an interim order of 23rd August, 2007 we had directed the respondent to deposit in this Court a sum of Rs. 3.36 crores with interest at the rate of 12% per annum from the date of deposit and calculated till the date of deposit. Thereafter a....
X X X X Extracts X X X X
X X X X Extracts X X X X
.... to statutory interest. The Appeal filed by the petitioners before the Supreme Court being Civil Appeal No. 3972 of 2001 considering the judgment in Ispat Industries Ltd., was allowed. Learned Counsel draws our attention to the provisions of Section 27A of the Customs Act and points out that at the relevant time, considering the Circular, the interest payable was 8% p.a. and as such....
X X X X Extracts X X X X
X X X X Extracts X X X X
.... The draft Circular was made a part of the order and the Appeal was disposed of accordingly. Interest, therefore, payable on pre-deposit is 12%. There is nothing before us to point out that the said Circular has been subsequently withdrawn by CBEC or for that matter any other Circular to the contrary has been issued, if in law they could do so. 5. In the instant case as what we are considering, i....