Relief to SBI: Refund of US $11B Under Excise Act Can Be Claimed Within One Year from Date of Payment, Karnataka HC

The Karnataka High Court allowed State Bank of India to claim a refund of US $11 billion under the Excise Act within one year from the date of payment. The decision clarified procedural timelines for seeking refunds, emphasizing compliance with statutory provisions while safeguarding taxpayers’ rights. The Court noted that adherence to the one-year limitation period is mandatory, but legitimate claims filed within this period must be honored. This ruling ensures clarity for financial institutions on refund claims and enhances legal certainty in excise-related matters.