https://www.taxtmi.com/caselaws?id=456737 Section 129EE of the Customs Act, 1962 requires interest on refund of pre-deposit to be paid at the rate notified by the Union Government within the statutory range. The Delhi HC noted that the notification dated 12 August 2014 fixed that rate at 6% per annum, so a higher rate of 12% per annum could not be sustained. The governing principle is that the notified rate alone controls the refund of pre-deposit interest under Section 129EE, and any award above the notified rate is inconsistent with the statutory framework. en-us Tue, 05 Dec 2023 00:00:00 +0530 Sat, 10 Aug 2024 18:36:19 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=456737 Section 129EE of the Customs Act, 1962 requires interest on refund of pre-deposit to be paid at the rate notified by the Union Government within the statutory range. The Delhi HC noted that the notification dated 12 August 2014 fixed that rate at 6% per annum, so a higher rate of 12% per annum could not be sustained. The governing principle is that the notified rate alone controls the refund of pre-deposit interest under Section 129EE, and any award above the notified rate is inconsistent with the statutory framework. Case-Laws Customs Tue, 05 Dec 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=456737