Refund claim of market value of gold - Here is the case where...

Refund claim of market value of gold - Here is the case where the departmental action of confiscation of seized goods came to be set aside by the CESTAT but by the time the Tribunal passed such an order the goods were already disposed of. The petitioner therefore can claim reasonable interest on such principal sum which must be refunded to him. - While not accepting the claim of the petitioner for granting him the market value of the gold on the date of application made by him to the department, it is provided that the value of the gold as estimated at the time of seizure will be paid to the petitioner along with simple interest @ 7.5% per annum - HC