Refund interest computed from refund application date/ appellate order date. Rate as notified u/s 11BB, per Supreme Court. Tribunal can't decide other rate.

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....The relevant date for computing interest on refund of amounts paid against an audit objection is three months from the date of filing the refund application, as per Section 11BB. Where duty becomes refundable due to an order of an appellate authority, the relevant date is the date of such order, as per Explanation B to Section 11B(5)(ec). The appropriate rate of interest for a delayed refund is the effective rate notified u/s 11BB, as held by the Supreme Court in Mafatlal Industries Ltd. vs. Union of India, which stated that no refund shall be made except as provided in Section 11B. The Tribunal is not competent to decide a rate of interest other than that notified u/s 11BB for a delayed refund under the Act.....