Karnataka HC Reduces Interest Rate on Refunds: 9% to 6% under Section 11BB

The Karnataka HC partially allowed the Revenue's appeal, reducing the interest rate on refunds from 9% to 6% in accordance with a notification under Section 11BB of the Central Excise Act.

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The Karnataka High Court judgment in 2015 (1) TMI 1385 involved a Revenue appeal challenging the order directing payment of interest at 9% on refunds. The court noted a notification fixing interest at 6% under Section 11BB of the Central Excise Act and reduced the interest rate to 6% from 9%. The appeal was partly allowed, and the interest rate on refunds was adjusted to 6%.

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