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TMI Blog2020 (3) TMI 998X X X X Extracts X X X X X X X X Extracts X X X X ..... gislature apparent from Section 35FF of Central Excise Act, 1944. Therefore, as per statute itself, the interest rate may vary within the range of rate at 5% to 30%. The notification as relied upon cannot supersede the statute. Keeping in view that the order under challenge is silent about any reason for reducing the rate from 12% to 6% except relying upon the Notification No. 67/2003 it is held that the appellant is entitled for the interest at the rate of 12% - Appeal allowed - decided in favor of appellant. - E/51370/2018 (SM) - Final Order No. A/51266/2019-SM(BR) - Dated:- 4-9-2019 - Ms. Rachna Gupta, Member (J) Shri Om. P. Agarwal, Advocate, for the Appellant. Smt. Tamanna Alam, Authorised Representative, for the Resp ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... his case. It is further pointed out that the said decision has been passed based upon the decision of Hon ble Supreme Court in the case of Commissioner of Central Excise, Hyderabad v. I.T.C. Ltd. reported in 2005 (179) E.L.T. 15 (S.C.) wherein while ordering interest at the rate of 12% Supreme Court clarified that any judgment or decision of any High Court taking contrary view declared to be no longer good law in view of Section 35F of Central Excise Act, 1944. Accordingly, Ld. Counsel has prayed to enhance the rate of interest from 6% to 12% and for the appeal to be accordingly, allowed. 3. Per contra, Ld. DR has submitted that the rate of interest stands already prescribed by the Department in furtherance of Notification No. 67/2003, d ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ree months from the date of receipt of such application till the date of refund of such duty : Provided that where any duty ordered to be refunded under sub-section (2) of section 11B in respect of an application under sub-section (1) of that section made before the date on which the Finance Bill, 1995 receives the assent of the President, is not refunded within three months from such date, there shall be paid to the applicant interest under this section from the date immediately after three months from such date, till the date of refund of such duty. Explanation. - Where any order of refund is made by the Commissioner (Appeals), Appellate Tribunal, National Tax Tribunal or any court against an order of the Assistant Commissioner of ..... X X X X Extracts X X X X X X X X Extracts X X X X
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