HC explains period for which interest payable on pre-deposit refunded

M/s. Maithan Ceramics Limited Vs The Commissioner of Central Tax (Andhra Pradesh High Court) An analysis of the aforesaid statutory morphism would show while the original provision stipulated interest would be payable at a rate specified in Section 27A after expiry of three months from the date of communication of the order of the appellate authority, till the date of refund of such amount, the substituted provision provided for interest at a notified rate not below 5 per cent and not exceeding 36 per cent from the date of payment till the date of refund of such amount. Moreover, the proviso t...