TMI Blog2018 (9) TMI 1080X X X X Extracts X X X X X X X X Extracts X X X X ..... ch Notifications available till the date of passing the consequential order and compute the interest at the prescribed rates for the period involved in the case on hand - Appeal allowed by way of remand. - Appeal No. C/40351/2017 - Final Order No. 42082/2018 - Dated:- 20-7-2018 - Shri P Dinesha, Member (Judicial) Shri. Hari Radhakrishnan, Advocate for the Appellant Shri. S. Govindarajan, AC (AR) for the Respondent ORDER The assessee has come in appeal against the Order-in-Appeal dt. 17.10.2016 passed by the Commissioner of Customs (Appeals-II), Chennai wherein the Commissioner (Appeals) has not acceded to the plea of the appellant for granting payment of interest at 9% per annum. on the delayed refund. 1.1 Brief ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... - along with interest @9% per annum placing reliance on the decision of the Hon ble Supreme Court in the case of Sandvik Asia Ltd. Vs. Commissioner of Income Tax, Pune, reported in 2006 (196) E.L.T. 257 (S.C.); that the LAA did not process the refund claim within the time limit stipulated by the Board, they filed a Writ Petition No. 3996 of 2016 before the Hon ble High Court of Madras; the Hon ble High Court of Madras vide order dt. 13.04.2016 directed the Assistant Commissioner to consider the refund claim on merits and in accordance with law; thereafter the above mentioned impugned order was passed wherein the LAA had sanctioned only ₹ 1,31,761/- as against the claimed amount and ordered that the same be credited into the Consum ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 1 I find from the records that the Revenue has not challenged the direction of the Commissioner (Appeals) who has held that the appellant would be entitled to interest as per Section 27A of the Customs Act based on the decision of M/s. Ranbaxy Laboratories Ltd. (supra). I also note that the Hon ble High Court of Karnataka in the case of C.C., Airport ACC. Bangalore Vs. Pfizer Products India P. Ltd. reported in 2015 (324) E.L.T. 259 (Kar.) while considering a similar issue, has felt it proper to direct the Department to pay an additional interest at the rate of 9% per annum for the reasons contained in the judgment, in the light of Section 27A of the Customs Act. 4.2 Section 27A of the Customs Act, which is relevant, reads as unde ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e case may be, by the court shall be deemed to be an order passed under that sub-section for the purposes of this section:] 4.3 From the above, it is clear that the rate of interest varies between 5 to 30% per annum, as is fixed by the Central Government by Notifications. I also note that there has been many such notifications for various periods right from 1995, prescribing different rates of interest. For the sake of convenience few of the available notifications are reproduced below: Period Rate Notification No. Date 26-5-1995 to 11-5-2000 15% 32/95 Cus. (NT), dt. 26-5-1995 12-5-2000 to 10-5-2001 ..... X X X X Extracts X X X X X X X X Extracts X X X X
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