TMI Blog2022 (8) TMI 1118X X X X Extracts X X X X X X X X Extracts X X X X ..... ing 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. - Customs Early Hearing Application No.50414 of 2022 with Customs Appeal No. 51662 of 2022-SM - FINAL ORDER NO. 50737/2022 - Dated:- 3-8-2022 - MR. ANIL CHOUDHARY, MEMBER (JUDICIAL) Sh. Aakarsh Srivastava Sh. Ashish Bansal, Advocates for the appellant Sh. Ishwar Charan, Authorised Representative for the respondent ORDER As the appeal itself is taken up for hearing, the early hearing application stands disposed of. 2. The only issue involved in this appeal is as to under which Secti ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ble from the end of three months, from the date of application of refund and accordingly, allowed interest on refund for the period 12.01.2021 to 04.03.2021 only, on the amount of Rs.12,85,013/-, observing that in view of the appropriation in the order-in-original, the appellant is not entitled to interest on the amount adjusted towards fine. Being aggrieved, the appellant is before this Tribunal. 6. Heard the parties. 7. Ld. Counsel for the appellant urged that the issue of interest is no longer res integra, and is payable as per Section 129EE of the Customs Act. Upon success in appeal, the amount of pre-deposit is to be refunded with interest from the date of deposit till the date of refund. 7.1 He also relies on the ruling of th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... pposing the appeal, learned Authorised Representative for Revenue urges that under the similar circumstances, wherein interest on pre-deposit was granted by this Tribunal under Section 35FF in the matter of Jovex International for the period, from the date of deposit till the date of refund @ 12% p.a., Revenue has preferred appeal before the Hon ble Delhi High Court, being Appeal No. C.E.A. No.3/2022, wherein the Hon ble High Court by its order dated 18.07.2022 has been pleased to admit the appeal and has granted stay of the order of this Tribunal, pending before the High Court. Accordingly, ld. AR prays that interest granted should not be more than the notified rate. 10. Having considered the rival contentions, I find that in view of th ..... X X X X Extracts X X X X X X X X Extracts X X X X
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