2023 (12) TMI 1340

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..... ay of a pre-deposit by an assessee is to be refunded along with interest not below 5% p.a. and not exceeding 36% p.a., and at such rate as may be notified by the Union Government. In terms of the aforesaid provision, the Union Government by way of a notification dated 12 August 2014 has prescribed interest on refund to be fixed at the rate of 6% p.a. In that view of the matter, the order impugned .....

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..... e Tax Appellate Tribunal [ CESTAT ] having accorded refund along with interest at the rate of 12% p.a. Undisputedly and as we had found on that occasion, Section 129EE of the Customs Act 1962 [ the Act ] envisages that any amount that may have been deposited by way of a pre-deposit by an assessee is to be refunded along with interest not below 5% p.a. and not exceeding 36% p.a., and at such rate a .....

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