2003 (5) TMI 78

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....e of investigation is not yet refunded. The appellant, therefore, prays that there must be a direction to the Commissioner, Ghaziabad to return the above amount with due interest as per rule. 2. We heard Shri J.M. Sharma learned Counsel on behalf of the applicant. Shri A.N. Haksar, Sr. Advocate for the respondent. 3. The appellants had deposited with the department an amount of Rs. 1 Crore during the investigation. The appellant made request for refund of the amount pursuant to the final order. Dy. Commissioner, Central Excise, Secunderabad sanctioned refund of Rs. 15,80,000/-. Appellant filed three Miscellaneous Application Nos. 389, 390 & 391/2002 on 23-10-2002 for direction to the respondents to make the refund. During the pendency of ....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....d January, 2002. 6. In a recent decision in the case of Eastern Coils Pvt. Ltd. v. Commissioner, Central Excise, Calcutta reported in 2003 (153) E.L.T. 290 a learned Judge of the Calcutta High Court had occasion to consider a similar issue. The relevant paragraph reads as follows :- "13. So far the refund in any form including the refund of pre-deposit is concerned, there is no fixed rate of interest to be declared as appropriate. In 1997 (95) E.L.T. 3 (S.C.) (Kuil Fireworks Industries v. Collector of Central Excise) Supreme Court held that the pre-deposit made by assessee to be returned to him with interest at the rate of 12% per annum. But I do not find any analysis or fixation of rate of interest as 12% in the said judgment. Similarly,....