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of <h1>High Court orders 12% interest in favor of appellants in pre-deposit refund dispute</h1> <h3>AFCONS INFRASTRUCTURE LTD. Versus COMMR. OF C. EX., VISAKHAPATNAM</h3> The High Court directed payment of interest at 12% per annum from the date of the CEGAT order to the date of appropriation, in a dispute arising from the ... Delay in refund of pre-deposit - Rate of interest Appeal concerns payment of interest on a pre-deposit of Rs. 28 lakhs following CESTAT order dated 3-6-1997 and appropriation on 11-12-2003. Commissioner (Appeals) allowed refund but awarded interest at 6% per annum; assessee claimed interest at 12% per annum relying on precedent where higher rates (12%-15%) were ordered. Revenue argued interest should follow Reserve Bank of India Regulations. Tribunal held it is 'bound by the judgments of the High Court referred to above and also the Tribunal rulings,' noting existing authorities directed payment of interest at 15% per annum in comparable cases. Because the assessee's prayer sought only 'interest @ 12% per annum,' the Tribunal awarded interest at that rate for the period from the CEGAT order to appropriation and directed payment of the balance within one month. Operative relief limited to the quantum claimed; precedent constrained the outcome.
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