2008 (6) TMI 537

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....S.L. Peeran, Member (J)]. - This appeal arises from the Order-in-Appeal No. 102 & 103/2007 (V-I)-C.E., dated 15-8-2007, by which the Commissioner (Appeals) in terms of the CESTAT Final Order No. 974, 975/2005 dated 22-6-2005, [2006 (197) E.L.T. 247 (Tribunal)] has allowed the assessee's appeal which resulted in the direction to return of the pre-deposit amount of Rs. 28 lakhs to the appellants. Ho....

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....ts claimed 12% interest on the amount deposited by them and in this regard, they relied on the judgment of Bombay High Court rendered in the case of Nelco Ltd v. Union of India [2002 (144) E.L.T. 56 (Bom.)] wherein the High Court held that the assessee is entitled to interest @ 15% per annum on the pre-deposit made by them. Further reliance was made on the  High Court of Karnataka rendered in....

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....submitted that the interest has to be paid as per the Regulations of the Reserve Bank of India, issued from time to time. There cannot be payment of interest @ 12% per annum and defended the Commissioner's order fixing the rate of interest at 6% per annum. 3. We have carefully considered the submissions made by both the sides. We notice from the citations referred to by the learned Counsel t....