- (1.)DELAY condoned.
(2.)LEAVE granted.
(3.)THIS appeal is directed against the judgment and order passed by the High Court of Gujarat at Ahmedabad in Special Civil Application No. 12855 of 1994, dt. 3 -7 -2007, whereby and whereunder the High Court has directed the Revenue to grant compensation by way of interest at the rate of 9 per cent per annum on the amount for period from 1 -7 -1987 to 13 -11 -1990 refunded as well as to make payment of running interest at the rate of 9 per cent per annum on the interest accrued on the aforesaid amounts to the Assessee/Respondent.
Brief facts in this case are: the Respondent -Assessee is a company incorporated under the provisions of Companies Act, 1956 engaged in the business of manufacturing Anhydrous Hydrogen Fluoride and Chlorofluorocarbon Refrigerant Gases. The Assessee had entered into a technical collaboration agreement with a Non -Resident company based in U.S.A. (for short, 'Non -Resident Company'). The permissions sought for and necessary approvals were granted by the appropriate authority(s) including the Reserve Bank of India for the aforesaid.