https://www.taxtmi.com/caselaws?id=47131 The court dismissed the petition for refund of customs duty paid, as withdrawn by the petitioner after 12 years, citing unfavorable Supreme Court judgments. The court directed the refunded amount to be returned with interest at 12% per annum to compensate the revenue for the interim refund granted earlier. The petitioner, who had withdrawn the refunded amount on a bank guarantee, was required to encash the guarantee and pay the realized amount to the revenue, including the interest earned on the refunded amount. The court refused to grant a stay on the order, emphasizing the necessity of refunding with interest due to the unsuccessful petition. en-us Tue, 24 Sep 2002 00:00:00 +0530 Tue, 27 Jul 2010 11:39:39 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=47131 The court dismissed the petition for refund of customs duty paid, as withdrawn by the petitioner after 12 years, citing unfavorable Supreme Court judgments. The court directed the refunded amount to be returned with interest at 12% per annum to compensate the revenue for the interim refund granted earlier. The petitioner, who had withdrawn the refunded amount on a bank guarantee, was required to encash the guarantee and pay the realized amount to the revenue, including the interest earned on the refunded amount. The court refused to grant a stay on the order, emphasizing the necessity of refunding with interest due to the unsuccessful petition. Case-Laws Customs Tue, 24 Sep 2002 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=47131