TaxTMI 
TaxTMI 
interest on delayed refund
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....nterest on delayed refund<br> Query (Issue) Started By: - Arun Aggarwal Dated:- 20-4-2023 Last Reply Date:- 27-4-2023 Central Excise<br>Got 5 Replies<br>Central Excise<br>Sir, I have been allowed refund by the supreme court of central excise, even after that the dept didnt refunded the money , I am going for the contempt in the supreme court , I want to know that what rate of interest I should re....
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....ceive on the delayed refund? refund application was filed in 2008 and was decided by the supreme court in 2016. thanks Arun Aggarwal Reply By Amit Agrawal: The Reply: You should seek penal interest (say @ 12% p.a.) in given scenario, along-with costs. These are ex facie views of mine and the same should not be construed as professional advice / suggestion. Reply By Amit Agrawal: The Reply: ....
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....Besides above, please also note the followings: A. Section 11BB of the Central Excise Act, 1944. B. Circular No.670/61/2002-CX, dated 1-10-2002 C. Ranbaxy Laboratories Limited Vs. Union of India, 2011 (10) TMI 16 - SUPREME COURT These are ex facie views of mine and the same should not be construed as professional advice / suggestion. Reply By KASTURI SETHI: The Reply: As per Section 11 BB of....
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.... Central Excise Act, rate of interest ranges between 5% to 30% (to be fixed by Govt. by way of notification). Govt. fixed interest rate for delayed refund @ 6% vide Notification No.67/2003-CE-NT dated 12.9.2003. Interest is to be paid by the department from the date of expiry of 60 days from the date of receipt of refund claim and NOT from the date of order of the Court-------Allahabad High Court....
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.... in the case of Alok Traders reported as 2022 (5) TMI 347 - ALLAHABAD HIGH COURT Reply By Arun Aggarwal: The Reply: Thanks Mr Kasturi Sethi and Amit Agarwal ji Reply By Amit Agrawal: The Reply: You are welcome, Shri Arun Ji!<br> Discussion Forum - Knowledge Sharing ....