https://www.taxtmi.com/caselaws?id=752477 CESTAT New Delhi held that appellant was entitled to interest on refunded amounts at 12% per annum from deposit date until disbursement. The tribunal determined that differential duty collected after acceptance of self-assessed import values for polyester spun yarn constituted appellant's property wrongfully retained by Revenue without legal authority. Citing Article 300A of Constitution and SC precedent in Sandvik Asia Ltd., the court ruled that amounts deposited since 2013 were not customs duty but deposits that Revenue had no right to retain interest-free. Appeals disposed with order modified to grant interest on three refunded amounts. en-us Thu, 09 May 2024 00:00:00 +0530 Sat, 11 May 2024 15:11:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=752477 CESTAT New Delhi held that appellant was entitled to interest on refunded amounts at 12% per annum from deposit date until disbursement. The tribunal determined that differential duty collected after acceptance of self-assessed import values for polyester spun yarn constituted appellant's property wrongfully retained by Revenue without legal authority. Citing Article 300A of Constitution and SC precedent in Sandvik Asia Ltd., the court ruled that amounts deposited since 2013 were not customs duty but deposits that Revenue had no right to retain interest-free. Appeals disposed with order modified to grant interest on three refunded amounts. Case-Laws Customs Thu, 09 May 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=752477