Tribunal has no power to decide any rate of interest different than rate prescribed under the statute

Bochasanwasi Shri Aksharpurushottam Swaminarayan Sansths Vs C.C. (CESTAT Ahmedabad)

As regard the second issue i.e. 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

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