JINDAL PAPER AND PLASTICS Vs. UNION OF INDIA

JUDGEMENT

(1.) Special leave granted.

(2.) The principal issue is covered against the appellants by the judgment of this court in Kasinka Trading v. Union of India. This judgment was delivered on 18/10/1994. The same issue was thereafter referred to a larger bench and the larger bench came to the conclusion, on 20/12/1996, that the judgment in Kasinka Trading was good law.

(3.) It is argued on behalf of the appellants that, nonetheless, the award of interest at the rate of 17.5% per annum from the date the duty became payable till it was paid or recovered was uncalled for in view of the fact thatthe point of law had remained undecided at least until 18-10-994. Reference was made to the judgment of this court in Kashyap Zip Industries v. Union of indict where, in somewhat similar circumstances, the rate of interest was reduced to 12% per annum.