(Calcutta High Court)The Calcutta High Court allowed the appeal concerning the rate of interest payable on delayed refund of a pre-deposit under the Customs Act, 1962. The appellant submitted that, during the relevant period, there was no statutory provision prescribing the rate of interest on delayed refund of pre-deposit. ), which had awarded interest at 12% on delayed refund of pre-deposit. They nevertheless acknowledged that, until the refund on 5 January 2006, there was no statutory provision or notification prescribing the rate of interest on delayed refund of pre-deposit. Admittedly, neither there was any provision nor any notification providing for rate of interest on delayed refund of pre-deposit.