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2016 (7) TMI 1068 - AT - Central ExciseClaim of interest on delayed refund - Rate of interest 6% or 12% - Held that:- It is seen that both the Hon'ble High Court and the Apex Court have inherent powers to grant interest. Tribunal being a creature of Central Excise Act cannot grant the relief, not prescribed under the said Act. I find that this argument regarding inability of Tribunal to act beyond the powers/relief available under the Central Excise Act was not raised in the Sheela Foam Ltd. (2003 (5) TMI 78 - CEGAT, NEW DELHI) and LML Ltd. (2014 (8) TMI 704 - CESTAT NEW DELHI). The contention that the relief granted by Hon'ble High Court of Kolkata and Hon'ble Apex Court cannot be treated as a precedent has also not been raised before the Tribunal in the case of Sheela Foam Ltd. (2003 (5) TMI 78 - CEGAT, NEW DELHI) and LML Ltd. (2014 (8) TMI 704 - CESTAT NEW DELHI). Following the decision of Tribunal in the case of Bajaj Auto Ltd. [2016 (4) TMI 885 - CESTAT MUMBAI] appeal dismissed - Decided against the assessee.
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