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AI Drafter - (New and Powerful) ✕
Generate professional replies, appeals, opinions to Show Cause Notices, assessment orders, audit objections, and other legal communications using TaxTMI's AI Drafter.
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AI Drafter - (New and Powerful) ✕ Generate professional replies, appeals, opinions to Show Cause Notices, assessment orders, audit objections, and other legal communications using TaxTMI's AI Drafter.
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Issues: Whether the High Court judgment could be sustained in view of the earlier binding decision settling the same excise issue, and whether the amount withdrawn by the respondents was liable to be refunded with interest.
Analysis: The issue was held to have already been settled by a prior three-Judge Bench decision on the same point, and the High Court's contrary view was unsustainable. Since the respondents had withdrawn the amount under the High Court judgment and retained it for years without furnishing the required bank guarantee, the Court directed refund of the amount with interest at 12% per annum from the date of withdrawal, with liberty to adjust any transport subsidy found due.
Conclusion: The appeal was allowed, the High Court judgment was set aside, and the respondents were directed to refund the amount with interest.
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