TMI Blog2011 (8) TMI 796X X X X Extracts X X X X X X X X Extracts X X X X ..... ate tribunal, the amount which was directed to be refunded and which was so refunded to the appellant, would attract interest under Section 11BB after a period of three months from the date of receipt of the application under sub-section 1 of Section 11B of the Act - Decided in favor of the assessee by way of direction that on the refunded amount, the appellant will be entitled to interest @ 12% p ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... which was earlier treated as pre-deposit, and for which the bank guarantee was submitted, but later, the bank guarantee was encashed when the duty was imposed. The duty was thereafter knocked off by the Income Tax Appellate Tribunal vide its order dated 10th July, 1993. 3. Since the department is represented and the matter involves only a question of law, we propose to decide the appeal at the a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... to this Court. Having regard to the contents of the draft circular we direct compliance with the final order impugned before us and payment of interest in terms of the draft circular. The draft circular shall be appended to and the contents form part of this order. The appeal is disposed of. In view of this order any judgment of any High Court holding to be contrary will no longer be good law. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the facts and circumstances of the case, we find that in this case initially the bank guarantee so furnished, was not a duty deposit in advance, but a security. After the duty was determined, the encashment of bank guarantee will amount to duty paid as the encashed bank guarantee lost its character of security. After the appeal against assessment was allowed by the appellate tribunal, the amount ..... X X X X Extracts X X X X X X X X Extracts X X X X
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