Substitution of new section for section 129CC

Section 90 of the Finance Act, 2014 deals with substitution of new section for section 129CC. Substitution of new section for section 129CC 90.

Substitution of new section for section 129CC

90. In the Customs Act, for section 129EE, the following section shall be substituted, namely:—

"129EE. Interest on delayed refund of amount deposited under section 129E.—Where an amount deposited by the appellant under section 129E is required to be refunded conseqeunt upon the order of the appellate authority, there shall be paid to the appellant interest at such rate, not below five per cent 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, on such amount from the date of payment of amount till, the date of refund of such amount:

Provided that the amount deposited under section 129E, prior to the commencement of the Finance (No.

2) Act, 2014, shall continue to be governed by the provisions of section 129EE as it stood before the commencement of the said Act.".

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Section 90, The Finance Act, 2014 (Act 25 of 2014).