The tribunal allowed interest on the refund at 12% per annum, holding that the pre-deposit refund was governed by the earlier provisions and warranted compensation for the delayed release.
The Allahabad Bench of Customs,Excise and Service Tax Appellate Tribunal(CESTAT) granted interest on a pre-deposit refund under the pre-amended provisions of the Central Excise Act, 1944. Amkap Marketing Pvt. Ltd.,appellant-assessee, filed a refund claim for ₹50 lakh deposited as a pre-deposit on February 2, 2012, following the Tribunal’s direction. After the Final Order dated December…
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