Refund limitation under excise law runs from final assessment; claim remained timely because RT-12 assessment was unfinished.

Where the final excise assessment had not been completed, the refund limitation period was not treated as expired merely because the accounting year had ended. The assessee could not be said to have lost the opportunity to claim refund before the final liability was known, so the limitation objection failed and the claim was held to be within time. The appellate order was set aside and refund was directed to be sanctioned if otherwise in order.

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Issues: Whether the refund claim was within time where the RT-12 assessment had not been finalised.

Analysis: The appeal turned on the effect of the rule governing the period for claiming refund in relation to the accounting year and the stage at which the assessee could know the final excise liability. As the RT-12 assessment had not been finalised, the assessee could not be said to have lost the opportunity to claim refund on the basis of final assessment.

Conclusion: The limitation objection failed and the assessee's claim was held to be in time.

Final Conclusion: The appellate order was set aside and refund was directed to be sanctioned if otherwise in order.

Ratio Decidendi: Where the final excise assessment has not been completed, the period for pursuing refund is not to be treated as expired merely on the close of the accounting year.

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