Interest on Customs Refunds Capped at 6% u/s 27(A); Tribunal Cannot Authorize Higher Rates.

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....Interest on refund - Rate of interest - The rate of interest is statutorily prescribed under section 27 (A) read with Notification issued there under according to which 6% as rate of interest was prescribed. The departmental officer is bound to follow the statutory provision strictly and therefore, no interest more than 6% can be calculated. Even this tribunal which is creature under the statute of Customs Act cannot decide the rate of interest out of the statutory provisions - the assesseee cannot be granted interest at the rate of 15% or any other rate above 6% - AT....