Award of Interest by the Tribunal

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....ds imported under the DEEC Scheme and cleared against advance licenses, without payment of duty, in terms of the provisions of Notification 204/92-cus were sold by the importer without utilising the imported material in export production, as required in terms of the Notification conditions. In the Show-Cause Notice issued, apart from duty,interest @ 24%p.a.was also demanded.However, on adjudicatio....

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....Department also, inter-alia holding that the Supreme Court's judgement does not lay down any ratio generally applicable and the order was obviously passed in excercise of powers conferred on it by Article 142 of the Constitution; that the Tribunal being a creature of Statute, the excercise of its functions cannot go beyond the limits of Statute and that in the absence of any provision in the Custo....