Court affirms Tribunal's reduction of interest rate on pre-deposit citing Central Excise Act timing.

The High Court upheld the Tribunal's decision to reduce the rate of interest on return of pre-deposit to 6% per annum, citing the timing of the modification of interest rates under the Central Excise Act, 1944.

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The High Court Bombay High Court in 2012 (2) TMI 443 case addressed substantial questions of law regarding the Tribunal's decision to entertain a rectification application and reduce the rate of interest on return of pre-deposit to 6% per annum. The Appellate Tribunal's decision was based on the timing of the modification of interest rates under the Central Excise Act, 1944.

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