Entitlement to interest on the delayed refund of pre-deposit - ...

Court Awards 12% Interest on Delayed Refund Due to Lack of Specific Statutory Provisions; Rejects 6% Rate Argument.

May 16, 2024

Case Laws Customs HC

Entitlement to interest on the delayed refund of pre-deposit - Rate of interest - seizure of cash - The court ruled in favor of the appellant, emphasizing that judicial precedents supported a 12% interest rate in the absence of specific statutory provisions at the relevant time. The court rejected the respondents' argument that the interest rate should be 6% based on later notifications, as these were not applicable to the period in question.

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Entitlement to interest on the delayed refund of pre-deposit - ...

Court Awards 12% Interest on Delayed Refund Due to Lack of Specific Statutory Provisions; Rejects 6% Rate Argument.

May 16, 2024

Case Laws Customs HC

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