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TMI Blog2019 (6) TMI 1142X X X X Extracts X X X X X X X X Extracts X X X X ..... ore the Hon'ble Supreme Court would not detract from the obligation of the Revenue to comply with the provisions of Section 11BB of the Act in the absence of any stay to the order dated 24th March, 2011 of the Hon'ble Gujarat High Court by the Apex Court. The liability of interest commences after 3 months of the refund application, if the refund is not made within 3 months from the date of application for refund. Thus, it runs along with the principal amount Mere pendency of the appeal before the Apex Court would not justify the Revenue ignoring the statutory provisions of the Act namely Section 11BB of the Act. This it has to comply - It is selfevident position on reading of Section 11BB of the Act that the interest has to be grant ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the assessment had to be done on transaction value of the cosmetic shampoo under Section 4 of the Act. This led to the assessment being made on the provisional basis on MRP based assessment for the period 10th August, 1998 to 31st October, 1998. The assessment was finalized on 17th December, 1998 accepting the stand of the respondent that valuation of cosmetic shampoo is to be on transaction basis under Section 4 of the Act. This lead to the respondent being entitled to refund of ₹ 49.17 lakhs. 4. In the above view, on 18th January, 1999 the respondent filed its application for refund of ₹ 49.17 lakhs. The authorities under the Act upto the Tribunal, rejected the claim for refund on grounds of unjust adjustment. Howeve ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ounsel appearing on behalf of the appellant does not dispute the decision of the Tribunal on merits. It is very fairly conceded that the decision of Apex Court in Ranbaxy Laboratories Ltd. (supra) would apply to the facts of the present case. The only grievance urged on behalf of the Revenue is that the principal amount of ₹ 49.17 lakhs which was granted as refund consequent to the order dated 24th March, 2011 of the Gujarat High Court is pending consideration before the Hon'ble Supreme Court. Therefore, in these facts, the grant of interest could await the final decision of the Apex Court on the entitlement of the respondent to the principal amount itself. 7. It is an undisputed position that the refund has to be granted ..... X X X X Extracts X X X X X X X X Extracts X X X X
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