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2017 (5) TMI 864 - HC - CustomsEntitlement to interest - relevant date for calculation of interest - refund of pre-deposit - whether the petitioner is entitled to get interest at the rate of 12% per annum on refund of pre-deposit of ₹ 1,15,15,214/- granted to the petitioner after the expiry of three months from the date of the order passed by the appellate Tribunal that is 18.11.2002 till the date of actual refund along with further interest on the delayed payment of interest? - Held that: - the petitioner is entitled to get refund of the amount within a period of three months of the disposal of the appeals in the assessee's favor - the manner in which the refund of the money to be made is clear from the notifications ie. within three months of the disposal of the appeals in assessee's favour. Therefore, respondents are liable to refund the amount on expiry of three months from 18.11.2002 to the petitioner ie. the date of the order of the Appellate Tribunal, even if the application was submitted at a later point of time, especially due to the fact that the notifications are not restricting the payment of interest from the date of submission of application. What will be the rate of interest that the petitioner is entitled to get? - Held that: - in the case of Kuil Fire Works Industries v. Collector of Central of Excise [1997 (9) TMI 105 - SUPREME COURT OF INDIA], it was held that, the pre-deposit made by the assessee was directed to be returned to him with 12% interest - the interest that is liable to be paid by the respondents is fixed at 12% per annum. Petition allowed - decided in favor of petitioner.
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