2018 (2) TMI 1550

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..... public exchequer. Undoubtedly, no tax or duty is recoverable for the period that lies beyond the limitation prescribed in the statute and such tax not being recoverable, interest burden thereon should not lie even if the tax by sheer mischance, ended up in the funds of the Government of India - the appellant has closed the doors to his claim of refund of interest on ground of equity - appeal dism .....

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..... amounting to ₹ 3,34,145/-. The refund claim was rejected by the two lower authorities leading to this appeal against impugned order-in-appeal no. PUN-EXCUS-001-APP-150-14-15 dated 1st January 2015. 2. Learned counsel for appellant submitted that limitation of five years stipulated for recovery proceedings under section 73 of Finance Act, 1994 implied that interest could not also be deman .....

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..... credit under CENVAT Credit Rules, 2004. 4. It would appear that the appellant seek relief on the ground of equity, viz., that interest charged that did not pertain to the period for which tax could be statutorily recovered is not owed to the public exchequer. Interest is a burden that accrues to ineligible utilisation of amounts that otherwise should have been at disposal of the public exchequ .....

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