COMMISSIONER OF C. EX., BANGALORE Vs. HINDUSTAN GRANITES

JUDGEMENT

(1.) THIS appeal is preferred by the Revenue challenging only that portion of the order of the learned Single Judge where he has directed payment of interest at 9% on the amount to be refunded, if any. The notification dated 12 -9 -2003 bearing No. 67/2003 -C.E. (N.T.) issued under exercise of the powers conferred by Section 11BB of the Central Excise Act, 1944, (hereinafter referred to as 'the Act'), fixes the rate of interest at 6% per annum for the purpose of the said Section. The interest payable in terms of Section 11BB of the Act, which in turn is with reference to the notification referred above. This aspect has not been considered by the learned Single Judge. In that view of the matter the rate of interest is to be reduced to 6% from 9%. Accordingly, we pass the following:

(2.) THE rate of interest is reduced to 6% from 9% on any amount to be refunded if any after determination of the Tribunal.