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Tosha International Limited vs Commissioner Of Central Excise And ... on 8 July, 2004 cites

Pratibha Processors & Ors vs Union Of India & Ors on 11 October, 1996

In Prathibha Processors v. Union of India, 2002 (82) ECC 233 (SC) : 1996 (88) ELT 12 (SO it was observed (vide paragraph 13):- "In fiscal Statutes, the import of the words -- "tax", "interest", "penalty", etc. are well known. They are different concepts. Tax is the amount payable as a result of the charging provision. It is a compulsory exaction of money by a public authority for public purposes, the payment of which is enforced by law. Penalty is ordinarily levied on an assessee for some contumacious conduct or for a deliberate violation of the provisions of the particular statute. Interest is compensatory in character and is imposed on an assessee who has withheld payment of any tax as and when it is due and payable. The levy of interest is geared to actual amount of tax withheld and the extent of the delay in paying the tax on the due date. Essentially, it is compensatory and different from penalty-- which is penal in character."
Supreme Court of India Cites 24 - Cited by 106 - Full Document

South Eastern Coalfields Ltd. vs Jt. Cit on 28 February, 2002

In South Eastern Coalfields Ltd. v. State of M.P. and Ors., JT 2003 (Suppl.2) SC 443 the Supreme Court observed (vide paragraph 20) "Interest is also payable in equity in certain circumstances. The rule in equity is that interest is payable even in the absence of any agreement or custom to that effect though subject, of course, to a contrary agreement (See: Chitty on Contracts, Edition 1999, Vol.11, Part 38-248, at page 712). Interest in equity has been held to be payable on the market rate even though the deed contains no mention of interest. Applicability of the rule to award interest in equity is attracted on the existence of a state of circumstances being established which justify the exercise of such equitable jurisdiction and such circumstances can be many."
Income Tax Appellate Tribunal - Nagpur Cites 158 - Cited by 11 - Full Document
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