Development agreements require legal possession or effective enjoyment for capital gains transfer; permissive possession and deferred consideration de...
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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.
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