https://www.taxtmi.com/caselaws?id=753780 CESTAT Bangalore rejected appellant's claim for refund of interest paid on proportionate credit reversed under retrospective amendment to Rule 6 of CCR 2002/2004. The tribunal held that once interest was paid to comply with Section 72 of Finance Act 2010's retrospective amendment requirements, no refund was permissible as the statutory provision mandated interest payment without considering credit utilization. However, CESTAT allowed interest on excess credit of Rs.1,00,10,808 from three months after refund filing date (17.9.2011 to 21.11.2019) following Supreme Court precedent in Ranbaxy Laboratories. Appeal partially allowed with modified orders. en-us Mon, 08 Apr 2024 00:00:00 +0530 Mon, 10 Jun 2024 16:55:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=753780 CESTAT Bangalore rejected appellant's claim for refund of interest paid on proportionate credit reversed under retrospective amendment to Rule 6 of CCR 2002/2004. The tribunal held that once interest was paid to comply with Section 72 of Finance Act 2010's retrospective amendment requirements, no refund was permissible as the statutory provision mandated interest payment without considering credit utilization. However, CESTAT allowed interest on excess credit of Rs.1,00,10,808 from three months after refund filing date (17.9.2011 to 21.11.2019) following Supreme Court precedent in Ranbaxy Laboratories. Appeal partially allowed with modified orders. Case-Laws Central Excise Mon, 08 Apr 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=753780