https://www.taxtmi.com/caselaws?id=440903 The Appellate Tribunal ruled in favor of the respondent assessee, awarding interest at a rate of 12% per annum on a delayed refund of approximately Rs.78 lakh by the Department. The Tribunal held that the refund, deposited under protest and retained by the Department, should carry interest despite no cenvat credit demand or penalty claim. The Department's argument that the deposit was in anticipation of a claim for excess cenvat credit was rejected. The Tribunal's decision was upheld, directing the Department to promptly make the interest payment to avoid further legal action by the assessee. en-us Wed, 26 Jul 2023 00:00:00 +0530 Sat, 29 Jul 2023 08:08:33 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=440903 The Appellate Tribunal ruled in favor of the respondent assessee, awarding interest at a rate of 12% per annum on a delayed refund of approximately Rs.78 lakh by the Department. The Tribunal held that the refund, deposited under protest and retained by the Department, should carry interest despite no cenvat credit demand or penalty claim. The Department's argument that the deposit was in anticipation of a claim for excess cenvat credit was rejected. The Tribunal's decision was upheld, directing the Department to promptly make the interest payment to avoid further legal action by the assessee. Case-Laws Central Excise Wed, 26 Jul 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=440903