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of <h1>Deposited amount during investigation entitled to refund with 12% annual interest from deposit date</h1> <h3>M/s Shri Rathi Steel Ltd. Versus Commissioner of CGST, Noida</h3> M/s Shri Rathi Steel Ltd. Versus Commissioner of CGST, Noida - TMI Issues involved: Wrong availment of Cenvat Credit on inputs, denial of interest on deposited amount, entitlement to interest on refund amount.Summary:1. The Appellant, engaged in manufacturing MS Bars and Rods, availed Cenvat Credit based on allegedly fake invoices, leading to a demand for repayment and penalties.2. After a series of appeals and orders, the Tribunal allowed the appeal and directed a refund of the deposited amount of Rs.57,30,616, but interest on the amount was disputed.3. The Appellant contended that the deposited amount, including interest, was paid under pressure and sought interest on the full sum.4. Relying on legal precedents and a CBEC Circular, the Tribunal held that the deposited amount is eligible for refund with interest, directing the Adjudicating Authority to grant interest on the disputed sum of Rs.18,07,914 at 12% per annum within ninety days.(Order pronounced in open court on 07th June, 2024)
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