2014 (9) TMI 876

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....ged in providing banking and other financial services and is also engaged in the business of purchase and sale of foreign exchange and having Service Tax Registration No. AAACS8577KSTET1. They filed refund claim on 4-3-2009 amounting to Rs. 2,79,72,197/- on the ground of excess payment of service tax for the month of June, 2008. The lower authority returned the refund application with deficiency in it. The appellant after removing the deficiency re-submitted the refund claim on 26-3-2009. The lower adjudicating authority rejected the refund claim filed by the appellant. The appellant challenged the order before the Commissioner (Appeals). The Commissioner (Appeals) vides Order No. V2(A)/STC/312/2009, dated 30-3-2010 allowed the refund claim....

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.... on delayed refunds. - If any duty ordered to be refunded under sub-section (2) of Section 11B to any applicant is not refunded within three months from the date of receipt of application under sub-section (1) of that section, there shall be paid to that applicant interest at such rate, not below five per cent. and not exceeding thirty per cent. per annum as is for the time being fixed by the Central Government, by Notification in the Official Gazette, on such duty from the date immediately after the expiry of three months from the date of receipt of such application till the date of refund of such duty : Provided that where any duty ordered to be refunded under sub-section (2) of Section 11B in respect of an application under sub-sectio....