(1.) WHEN this petition was filed on 18. 6. 2001, the petitioners had prayed for a direction to the respondent authorities to give the petitioners refund of Rs. 5,21,099/- alongwith interest under Section 27a of the Customs Act, 1962 for the period from 31. 1. 1996 till the date of actual payment of the above amount. The petition was admitted after hearing the other side.
(2.) WHEN the petition has reached final hearing today, the learned counsel for both the sides state that the amount of Rs. 5,21,099/- has already been paid to the petitioners on 30. 6. 2001. The dispute, therefore, now remains only about interest claimed by the petitioners on the aforesaid amount from 31. 1. 1996 till the date of payment i. e. till 31. 6. 2001.
(3.) THE facts leading to filing of this petition, as averred by the petitioners and briefly stated, are as under:-