Bombay High Court Directs Return of Security Deposit with Interest in Customs Duty Dispute — Petitioner Entitled to Refund of Rs.10 Crores with 18% Interest After CESTAT Set Aside Confiscation Order. The Court held that once proceedings are finalized in favour of the importer, the revenue cannot retain the security deposit and must return it with interest from the date of deposit under the Customs Act, 1962.
14 Jun 2010The petitioner, M/s Pride Foramer, a company engaged in offshore oil exploration, imported a rig 'Pride Pensylvania' for a contract with ONGC. On 15 M...
