Bona fide disclosure requirements govern under-reporting penalties, and post-penalty immunity applications cannot secure available statutory protectio...
Certificate-of-origin verification procedure governs preferential customs benefits; denial without retroactive verification was set aside with consequ...
Disciplinary Committee jurisdiction and mandatory investigation requirements invalidated cancellation of an insolvency professional's registration and...
Retention of seized property survives where recorded reasons support proceeds of crime, while stayed investigation periods are excluded from limitatio...
The appellants challenged the order of the Commissioner (Appeals) denying eligible interest on the refunded amount. The court held that interest accrued on the deposited amount is the property of the owner, and they cannot be deprived of it. Relying on judicial precedents, the court ruled that once confiscation is set aside, the department cannot deny interest merely due to lack of statutory provision. The Bombay High Court held that seized cash must be refunded with interest. The Kerala High Court, relying on the Supreme Court's decision, held that the interest rate for refunds should be 12%. Although Section 11B and 11BB of the Central Excise Act were inapplicable, the court determined that the appellants were entitled to interest on the refunded amount from the date of payment until disbursement. However, considering a recent notification fixing the interest rate at 6%, the court allowed the appeal, entitling the appellants to interest at 6% on the refunded amount from the date of payment till disbursement.
The appellants challenged the order of the Commissioner (Appeals) denying eligible interest on the refunded amount. The court held that interest accrued on the deposited amount is the property of the owner, and they cannot be deprived of it. Relying on judicial precedents, the court ruled that once confiscation is set aside, the department cannot deny interest merely due to lack of statutory provision. The Bombay High Court held that seized cash must be refunded with interest. The Kerala High Court, relying on the Supreme Court's decision, held that the interest rate for refunds should be 12%. Although Section 11B and 11BB of the Central Excise Act were inapplicable, the court determined that the appellants were entitled to interest on the refunded amount from the date of payment until disbursement. However, considering a recent notification fixing the interest rate at 6%, the court allowed the appeal, entitling the appellants to interest at 6% on the refunded amount from the date of payment till disbursement.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 4792
Join Channel
TaxTMI 
