Interest on delayed refund of amount deposited under section 129E [Section 129EE]:

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 5% and not exceeding 36% 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 su ch amount. At present, Notification No. 70/2014 Cus (NT) dated 12.08.2014 specifies 6% as the rate of interest payable on delayed refund of pre-deposit.