TaxTMI 
TaxTMI 
2019 (4) TMI 1554
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....ntral Excise Act, 1944 on account of credit availed, the dispute reached this Court, pending appeal, the assessee sought for an interim order of stay. Vide Stay Order No. 638/2006 dated 30.05.2006 an interim stay was granted in its favour by also directing the assessee to make a pre-deposit of Rs. 5,00,000/- and there is no dispute that the assessee duly complied with the above direction. The dispute was finally decided by this Court, vide Final Order No.40734/2017, dated 22.05.2017 whereby the demand against the assessee came to be set aside thereby allowing the assessee's appeal, with consequential benefits. It is thereafter that the assessee made a claim for refund of pre-deposit along with interest. The adjudicating authority - Assistan....
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....) has only gone by the letters of law as prevalent at that point of time and therefore requested for upholding of the impugned order. 5.1 I have considered the rival contentions and have gone through the documents/orders placed on record. First of all, there is no other 'Deposit' other than pre-deposit and hence the issue per se, is nothing but interest on pre-deposit. The date of pre-deposit is 27.07.2006, whereas the Final Order of this Court is dated 22.05.2017. Section 35 FF came into the statute book in 2008 and the same was substituted w.e.f. 06.08.2014. Both the assessee as well as the Revenue have for once agree that Section 35FF applies; it is the case of the assessee that it is not claiming interest at the delayed refund, rather....
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.... the order of the appellate authority, there shall be paid to the appellant interest at such rate, not below five per cent and not exceeding thirty-six per cent per annum as is for the time being fixed by the Central Government, by notification in the Official Gazette, on such amount from the date of payment of the amount till, the date of refund of such amount." Provided that the amount deposited under section 35F, prior to the commencement of the Finance (No. 2) Act, 2014, shall continue to be governed by the provisions of Section 35FF as it stood before the commencement of the said Act. (Emphasized in Bold, Italics for clarity) 5.2 Earlier, the interest was liable to be paid only in the case of delay beyond three months in granti....