https://www.taxtmi.com/caselaws?id=401703 The Tribunal allowed the appeals, overturning the decision that denied interest on delayed refunds. It held that the amounts deposited during the investigation should be treated as pre-deposits, entitling the appellants to interest from the date of deposit until the refund under Section 35FF of the Central Excise Act, 1944. The Tribunal clarified that interest is payable to compensate for financial loss due to the retention of funds by the Revenue. The appellants were granted interest at 12% per annum from the date of deposit till the date of refund, emphasizing the need to align with principles from higher judicial authorities. en-us Mon, 07 Dec 2020 00:00:00 +0530 Mon, 14 Dec 2020 21:21:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=401703 The Tribunal allowed the appeals, overturning the decision that denied interest on delayed refunds. It held that the amounts deposited during the investigation should be treated as pre-deposits, entitling the appellants to interest from the date of deposit until the refund under Section 35FF of the Central Excise Act, 1944. The Tribunal clarified that interest is payable to compensate for financial loss due to the retention of funds by the Revenue. The appellants were granted interest at 12% per annum from the date of deposit till the date of refund, emphasizing the need to align with principles from higher judicial authorities. Case-Laws Central Excise Mon, 07 Dec 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=401703