Interest on pre-deposit refund fixed at 12% per annum where binding precedents supported the higher rate.

Interest on a pre-deposit refund was considered payable at 12% per annum for the relevant period, as the Tribunal treated the cited High Court and Tribunal rulings as binding and supportive of the higher rate. It held that the assessee's claim was confined to 12% per annum and that granting that relief did not exceed the prayer made. The decision therefore confirms entitlement to interest at 12% per annum on the pre-deposit amount, rather than the lower rate originally in issue.

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Issues: Whether the assessee was entitled to interest on the pre-deposit amount at 12% per annum, instead of 6% per annum, for the relevant period.

Analysis: The Tribunal noted that the cited High Court and Tribunal decisions had directed payment of interest at higher rates on refunded pre-deposits. It held that those decisions were binding and that the assessee's claim was confined to 12% per annum. The Tribunal therefore found that the relief sought could be granted without exceeding the prayer made.

Conclusion: The assessee was held entitled to interest at 12% per annum on the pre-deposit amount for the relevant period.

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