https://www.taxtmi.com/caselaws?id=212723 Delayed refund of accumulated Cenvat credit under Rule 5 attracts interest under section 11BB of the Central Excise Act because such delay deprives the assessee of money lawfully due. The article states that accumulated credit used for exports and refunded under the Central Excise refund framework carries an interest entitlement when sanction is not timely. It also clarifies that interest is not computed mechanically on the full refund claim throughout the period; where part of the credit continues to be utilised or remains unpaid in stages, interest runs only on the balance outstanding from time to time after the statutory period expires. en-us Tue, 03 Apr 2012 00:00:00 +0530 Sat, 06 Oct 2012 10:44:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=212723 Delayed refund of accumulated Cenvat credit under Rule 5 attracts interest under section 11BB of the Central Excise Act because such delay deprives the assessee of money lawfully due. The article states that accumulated credit used for exports and refunded under the Central Excise refund framework carries an interest entitlement when sanction is not timely. It also clarifies that interest is not computed mechanically on the full refund claim throughout the period; where part of the credit continues to be utilised or remains unpaid in stages, interest runs only on the balance outstanding from time to time after the statutory period expires. Case-Laws Central Excise Tue, 03 Apr 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=212723