28AA. [ Interest on delayed payment of duty. [Inserted by Act 22 of 1995, Section 51 (w.e.f. 26.5.1995). ]
- [(1)] [Inserted by Act 25 of 1978, Section 7 (w.e.f. 1.7.1978). ] [Subject to the provisions contained in section 28-AB, where a person,] [ Substituted by Act 33 of 1996, Section 61, for " Where a person" (w.e.f. 28.9.1996).][chargeable with the duty determined under sub-section (2) of section 28, fails to pay such duty within three months from the date of such determination, he shall pay, in addition to the duty, interest [at such rate not below [ten per cent.] [Inserted by Act 22 of 1995, Section 51 (w.e.f. 26.5.1995). ][and not exceeding thirty-six per cent. per annum, as is for the time being fixed by the Central Government, by notification in the Official Gazette] [ Substituted by Act 10 of 2000, Section 80, for certain words (w.e.f. 12.5.2000).][, on such duty from the date immediately after the expiry of the said period of three months till the date of payment of such duty:Provided that where a person, chargeable with duty determined under sub-section (2) of section 28 before the date on which the Finance Bill, 1995 receives the assent of the President, fails to pay such duty within three months from such date, then, such person shall be liable to pay interest under this section from the date immediately after three months from such date, till the date of payment of such duty.Explanation 1.-Where the duty determined to be payable is reduced by the Commissioner (Appeals), Appellate Tribunal [, National Tax Tribunal] [Inserted by Act 22 of 1995, Section 51 (w.e.f. 26.5.1995). ][or, as the case may be, the Court, the date of such determination shall be the date on which an amount of duty is first determined to be payable.Explanation 2.-Where the duty determined to be payable is increased or further increased by the Commissioner (Appeals), Appellate Tribunal [, National Tax Tribunal] [Inserted by Act 22 of 1995, Section 51 (w.e.f. 26.5.1995). ][or, as the case may be, the Court, the date of such determination shall be,-(a)for the amount of duty first determined to be payable, the date on which the duty is so determined;(b)for the amount of increased duty, the date of order by which the increased amount of duty is first determined to be payable;(c)for the amount of further increase of duty, the date of order on which the duty is so further increased.](2)[ The provisions of sub-section (1) shall not apply to cases where the duty or the interest becomes payable or ought to be paid on and after the date on which the Finance Bill, 2001 receives the assent of the President.] [ Inserted by Act 14 of 2001, Section 104 (w.e.f. 11.5.2001).]
