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Issues: Whether interest on refund of pre-deposit under Section 129EE of the Customs Act, 1962 was liable to be computed at 12% p.a. or at the notified rate of 6% p.a.
Analysis: Section 129EE mandates refund of pre-deposit with interest at a rate not below 5% p.a. and not exceeding 36% p.a., at such rate as may be notified by the Union Government. The notification dated 12 August 2014 fixed the rate of interest on such refund at 6% p.a. The higher rate granted by the Tribunal was therefore inconsistent with the governing statutory framework and the notified rate.
Conclusion: The refund interest could not be sustained at 12% p.a. and had to be computed at 6% p.a., in favour of Revenue.
Ratio Decidendi: Where Section 129EE of the Customs Act, 1962 prescribes interest on refund of pre-deposit at the rate notified by the Union Government, the notified rate alone governs and a higher rate cannot be awarded.
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