2024-VIL-1112-BOM-CE
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CENTRAL EXCISE High Court Cases

Central Excise - Interest on refund of seized cash, Applicability of Circular No. 984/08/2014 - Petitioners sought refund of cash seized during an investigation, along with interest at the rate of 18% per annum - Respondents granted interest at the rate of 6% per annum, relying on Circular No. 984/08/2014, which deals with interest on pre-deposits made under Section 35FF of the Central Excise Act, 1944 - Whether the Circular No. 984/08/2014 is applicable to the case of refund of cash seized during an investigation – HELD - the Circular No. 984/08/2014 is not applicable to the case of refund of cash seized during an investigation, as it deals with interest on pre-deposits made under Section 35FF of the CEA, 1944. The cash seized was not a pre-deposit made by the petitioners, and the Circular has no application in the present case - the seized cash was held by the respondents in trust on behalf of the petitioners, and the respondents were duty-bound to account for the entire interest earned on the fixed deposits made from the seized cash. The respondents' action in retaining the differential interest and granting interest at the rate of 6% per annum amounted to unjust enrichment and misappropriation - the respondents are directed to refund the entire interest earned on the fixed deposits to the petitioners – Further, the Commissioner concerned is directed to initiate an inquiry and fix the accountability for the negligence in not renewing the fixed deposits after the expiry of 10 years – the writ petition is disposed of
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