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2024 (5) TMI 530 - CESTAT NEW DELHIInterest for delay in sanction of refund - transaction value of imports - Imports of Polyester Spun Yarn - HELD THAT:- As observed, the amount in question in the present case is no more remains to be an amount of customs duty nor it is an amount of pre-deposit, the amount is merely a deposit with Revenue which Revenue has no authority to retain. The appellant being the owner of the said amount. As per Article 300A of the Constitution of India also, no person shall be deprived of his property, save by authority of law. Once the self assessed value of the appellant has been accepted, the differential duty which was already recovered from the appellant cannot be called as the amount of duty or the amount collected under the authority of law. It definitely is the property of the appellant which remained with the department since the day of the deposit. Hon’ble Apex Court in the case of Sandvik Asia Ltd. Vs. Commissioner of Income Tax-I 2006 (1) TMI 55 - SUPREME COURT, has held the assessee to be entitled to claim interest from the date of payment of initial amount till the date of its refund. Relying upon these decisions, as discussed above, I hold that the appellant herein is entitled to claim the interest on three of the amounts as have already been refunded to him. The interest shall accrue from the date of the payment of the said amount with the department. Keeping in view of this tribunal in the case of M/s S. S. Dyes & Chemicals 2015 (11) TMI 1393 - CESTAT MUMBAI and the fact that the amount is lying deposited with the department since the Year 2013, I deem it to be a fit case for the interest to be awarded to the appellant on three of the amounts, already refunded , at the rate of 12% per annum to be calculated from the date of payment of the said amount till the disbursement thereof. Thus, the order is hereby is modified to the extent as mentioned. The appeals stands accordingly disposed off.
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