Customs Act 1962
Appeals and Revision
1[Section 129EE.
Interest on delayed refund of
amount deposited under section 129E (Relevant
Updates)
Where an amount deposited by the appellant under section 129E is required to be
refunded consequent upon the order of the appellate authority, there shall be
paid to the appellant interest at such rate, not below five per cent. and not
exceeding thirty-six per cent. per annum as is for the time being fixed by the
Central Government, by notification in the Official Gazette, on such amount from
the date of payment of the amount till, the date of refund of such amount:
Provided
that the amount deposited under section 129E, prior to the commencement of the
Finance (No. 2) Act, 2014, shall continue to be governed by the provisions of
section 129EE as it stood before the commencement of the said Act.]
[helldodold[Section 129EE.
Interest on delayed
refund of amount
deposited under
the proviso to section
129E
Where an amount deposited by the
appellant in pursuance of an order passed by the
Commissioner (Appeals)
or the Appellate Tribunal (hereinafter referred to as appellate
authority), under the first proviso to
section 129E, is required to be refunded consequent upon the order of the appellate authority and such amount is not refunded
within three months from the date of communication
of such order to the
adjudicating authority
, unless the operation of the order
of the appellate authority is stayed by a
superior court or tribunal, there shall be paid to the appellant interest
at the rate specified in section 27A after the expiry of three months from the
date of communication of the order of the
appellate authority, till the date of refund of such amount.]helldod]
1. Substituted
Vide
Section 90 of the Finance Act 2014