interest on delayed refund

[Arun Aggarwal]

Sir,

I have been allowed refund by the supreme court of central excise, even after that the dept didnt refunded the money , I am going for the contempt in the supreme court , I want to know that what rate of interest I should receive on the delayed refund? refund application was filed in 2008 and was decided by the supreme court in 2016.

thanks

Arun Aggarwal

AI Summary

Interest Rate for Delayed Central Excise Refunds Clarified: 6% Annually, Starting 60 Days Post-Claim Receipt, Per Section 11BB. A user inquired about the interest rate applicable on a delayed refund approved by the Supreme Court concerning a Central Excise matter. The refund application was filed in 2008 and decided in 2016. A respondent suggested seeking penal interest at 12% per annum and referenced Section 11BB of the Central Excise Act and relevant case law. Another respondent clarified that the interest rate for delayed refunds is 6% as per a government notification, starting 60 days after the refund claim is received, not from the court's order date. The user acknowledged the responses.