Substitution of new section for section 35FF

Section 106 of the Finance Act, 2014 deals with substitution of new section for section 35FF. Substitution of new section for section 35FF 106.

Substitution of new section for section 35FF

106. In the Central Excise Act, for section 35FF, the following section shall be substituted, namely:—

"35FF. Interest delayed refund of amount deposited under section 35F.—Where an amount deposited by the appellant under section 35F 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 amount till, the date of refund of such amount:

Provided that the amount deposited under section 35F, prior to the commencement of the Finance (No.

2) Act, 2014, shall continue to be governed by the provisions of section 35FF as it stood before the commencement of the said Act.".

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Section 106, The Finance Act, 2014 (Act 25 of 2014).