Excise – Applicability of Interest on refund of pre-deposit amount

Issue: Interest on refund of pre-deposit amount is payable from the date of receipt of order of the tribunal by the commissioner. Interest to be paid on amount of pre deposit at the rate prescribed under the statutory provisions of the Act and not as per rate determined on equitable principles by Tribunal. Held:  After considering the submissions, we have found substance in the objection raised by the learned counsel (by Assessee) with reference to Section 35FF of the Central Excise Act. This provision came into force only on 10-5-2008 and hence cannot be made applicable to the instant case i...