Amendment status not verified — confirm the current text below against the official source.
If the duty of excise payable by a person under this Regulation Dr the rules made thereunder is not paid within time, he shall be liable to pay on the sum due, a simple interest at the rate of twelve per cent. per annum from the day next following the day on which such payment became due.' Explanation.-For the purposes of this section, where the duty determined to be payable is reduced or increased by the Appellate Authority or the court,the interest shall be payable on such reduced Dr increased amount of duty, as the case may be. _ .. ..,_ .... __ ~. "_~#" ~'4. - ••• --- •• >~ ---- _ ••••• -,--~." .. ~,.". _-- ,1 ,:~ 'Ii :Ij I; , I :1 I ~ " I ·;1 ,j ': .l ': ", .. I SEC. I) THEGAZETIEOF lNDlAEXTRAORDINARY 3 I: Notwithstanding anything contained in this Regulation, the Excise Commissioner may, on an application made in this behalf by a person, with the approval. of the Administrator and after recording his reason for so doing, reduce or Waive the amount of any interest payable by him under this Regulation, ifhe is satisfied that _ (a) to do otherwise would cause genuine hardship to the person having regard to the circumstances of the case; and (b) the person has cooperated in any proceeding for the recovery of any amount due from him,