2022 (8) TMI 1118

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....L) Sh. Aakarsh Srivastava & Sh. Ashish Bansal, Advocates for the appellant Sh. Ishwar Charan, Authorised Representative for the respondent ORDER As the appeal itself is taken up for hearing, the early hearing application stands disposed of. 2. The only issue involved in this appeal is as to under which Section, the appellant is entitled to interest, rate of interest and the period o....

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....reafter, the appellant filed the refund claim on 20.07.2020 claiming for the refund of the amount deposited of Rs.13,50,000/- on 22.09.2015, along with appropriate interest as per Rules. 5. The Adjudicating Authority - Dy. Commissioner rejected the claim of interest and granted refund only for the principal amount of Rs.13,50,000/-, which was granted on 11.03.2021. Being aggrieved, the appellan....

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.... Upon success in appeal, the amount of pre-deposit is to be refunded with interest from the date of deposit till the date of refund. 7.1 He also relies on the ruling of this Tribunal in the case of Indo Rubber and Plastic Works - wherein this Tribunal held that the amount of deposit made during investigation /audit becomes pre-deposit ifso facto upon contest of the dispute/filing of the appeal,....

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.... Provisions was allowed @12% p.a. The Hon'ble High Court took observed that the provision of interest is pari materia under the Income Tax Act and the Central Excise Act, 1944 and accordingly appeal of the Revenue was dismissed upholding the order of this Tribunal. 8. Accordingly, ld. Counsel prays for grant of interest at the appropriate rate following the precedent ruling of this Tribunal aff....