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2017 (6) TMI 742 - CESTAT CHENNAI

2017 (6) TMI 742 - CESTAT CHENNAI - TMI - Interest on refund of sale proceeds of confiscated Gold bars - case of appellant is that while refunding the sale proceeds, they should have also been given interest from the date of sale of the goods till the date of refund of the amount - Held that: - Hon’ble High Court of Madras in the case of Collector of Customs, Madras Vs. Meena A. Bharwani [2001 (9) TMI 126 - HIGH COURT OF JUDICATURE AT MADRAS], wherein it was held that whenever Revenue disposes o .....

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ents ORDER After hearing both sides represented by Shri T. Ramesh, Advocate and Shri B. Balamurugan, AC (AR), I find that a very short issue is involved in the present case. In the year 2000, 70 Nos. of Gold Bars of 10 tolas each weighing totally 8155 grams were seized by the DRI from the appellant s possession and after due process of adjudication, the same were confiscated by the order of the original adjudicating authority. When the matter reached Tribunal through Commissioner (Appeals), the .....

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ely. As a consequence of the Tribunal s order, the sale proceeds of the gold bars were returned to the appellant, after deducting the amount of redemption fine of ₹ 5,00,000/- along with duty payable. 4. The appellant s grievance at this point is that while refunding the sale proceeds, they should have also been given interest from the date of sale of the goods till the date of refund of the amount. For the said purpose they have also filed writ petition before the Hon ble High Court of Ma .....

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le on the goods confiscated by them. Prima facie, it appears to us that in the instant case in hand, the respondent would be entitled to at least some interest. Be that as it may, it is for the appellants to decide that question and then refund the amount together with interest, if any, within the time specified by the learned single judge. The writ appeal thus stands disposed of. There shall be no order as to costs. Consequently, M.P.No.1 of 2010 is closed . 6. In the light of the above directi .....

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