https://www.taxtmi.com/caselaws?id=42361 Excise duty collected on a classification later held unsustainable became refundable on the principle of restitution, because the appellate decision in favour of the assessee had operated without any stay. The Court held that the petitioner was entitled to refund of the duty recovered on the earlier tariff classification, and that delayed payment justified interest on the refundable amount. Interest was awarded at a reduced rate of 12% per annum from 5-10-1987, and the refund was directed against furnishing of a bank guarantee, with each side bearing its own costs. en-us Sun, 16 Oct 1988 00:00:00 +0530 Thu, 10 Jun 2010 17:09:14 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=42361 Excise duty collected on a classification later held unsustainable became refundable on the principle of restitution, because the appellate decision in favour of the assessee had operated without any stay. The Court held that the petitioner was entitled to refund of the duty recovered on the earlier tariff classification, and that delayed payment justified interest on the refundable amount. Interest was awarded at a reduced rate of 12% per annum from 5-10-1987, and the refund was directed against furnishing of a bank guarantee, with each side bearing its own costs. Case-Laws Central Excise Sun, 16 Oct 1988 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=42361