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2021 (8) TMI 1115 - AT - Central ExciseRecovery of erroneous Refund of interest on delayed payment of differential duty - price variation clause - Rejection on the ground that since the appellant was liable to pay interest on the price variation amount, he is not liable to get the refund thereof - HELD THAT:- The Hon’ble Apex Court in the case of M/S. STEEL AUTHORITY OF INDIA LTD. VERSUS COMMISSIONER OF CENTRAL EXCISE, RAIPUR [2019 (5) TMI 657 - SUPREME COURT] has adjudicated the same issue i.e. whether the interest is payable on differential excise duty with retrospective effect that becomes payable on the basis of escalation clause, where it was held that The fact that it is known, later cannot detract from the fact, that the later discovered price would not be value at the time of removal. Most significantly, section 11A and section 11AB as it stood at the relevant time did not provide read with the rules any other point of time when the amount of duty could be said to be payable and so equally the interest. The appellant was liable to pay the interest on subsequent price variation with effect from the date of removal of the goods involved - the refund of the amount of interest already paid by the appellant was erroneous. Appeal dismissed.
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