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2022 (8) TMI 1118 - CESTAT NEW DELHIInterest on refund of pre-deposit - rate of Interest - period of Interest - Section 129EE of the Customs Act - HELD THAT:- In view of the precedent decisions, the appellant is entitled to grant of interest under Section 129EE of the Customs Act, for the period from the date of deposit till the date of refund. Reliance can be placed in the case of Reeba Textiles Ltd. [2022 (3) TMI 693 - PUNJAB & HARYANA HIGH COURT] - the appellant is entitled to interest from 23.09.2015 till the date of grant of refund i.e. 11.03.2021. Rate of Interest - HELD THAT:- The interest is payable @12% P.A. following the ruling of Hon’ble Supreme Court in SANDVIK ASIA LIMITED VERSUS COMMISSIONER OF INCOME-TAX AND OTHERS [2006 (1) TMI 55 - SUPREME COURT] wherein refund under the Income Tax Provisions was allowed @12% p.a. Appeal allowed.
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