https://www.taxtmi.com/caselaws?id=752690 The Calcutta HC allowed an appeal regarding interest on delayed refund of pre-deposit under Section 129E of the Customs Act, 1962. The appellant's seized cash of Rs. 9,93,200 was pre-deposited on 22.04.2000 and refunded on 05.01.2006. Though no statutory provision existed for interest rate on delayed refunds, the HC relied on SC precedent in ITC Limited and coordinate bench decision in Madura Coats Private Limited, holding that appellant was entitled to 12% interest on delayed refund. The CESTAT order was set aside, directing respondents to pay interest within one month. en-us Thu, 09 May 2024 00:00:00 +0530 Thu, 16 May 2024 08:19:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=752690 The Calcutta HC allowed an appeal regarding interest on delayed refund of pre-deposit under Section 129E of the Customs Act, 1962. The appellant's seized cash of Rs. 9,93,200 was pre-deposited on 22.04.2000 and refunded on 05.01.2006. Though no statutory provision existed for interest rate on delayed refunds, the HC relied on SC precedent in ITC Limited and coordinate bench decision in Madura Coats Private Limited, holding that appellant was entitled to 12% interest on delayed refund. The CESTAT order was set aside, directing respondents to pay interest within one month. Case-Laws Customs Thu, 09 May 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=752690