2008 (7) TMI 727

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....agopal, Advocate, for the Respondent. [Order per : P.G. Chacko, Member (J)]. - This appeal of the Revenue is against the Appellate Commissioner's direction to pay interest @ 12% p.a. to the respondents on the pre-deposited amount refunded to them. The respondents had paid an amount of Rs. 4,78,410/- to the department during the course of investigations (13-9-1997 to 4-10-1997). The investiga....

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....able to claim for refund of pre-deposit. Pursuant to the above Order-in-Appeal, the Assistant Commissioner refunded the balance amount of Rs. 4,18,410/- dated 29-1-2003. Subsequently, the party claimed interest for the period of delay of refunds. This claim was rejected by the original authority. It was allowed by the Commissioner (Appeals) by directing payment of interest at the rate of 12% per a....

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....l Excise, Hyderabad v. I.T.C Ltd. [2005 (179) E.L.T. 15 (S.C.)], directing payment of interest @ 12% p.a. from the date of expiry of 3 months after final disposal of the dispute has also been brought to our notice. It appears from the Apex Court's order that the Central Board of Excise & Customs proposed before the court to issue a circular on payment of interest on pre-deposits refunded. A draft ....