Customs Duty Case: Tribunal Grants Compensatory Interest at Reduced 6% Rate Under Section 27A, Prioritizing Substantial Justice

HC adjudicated a customs duty dispute involving delayed provisional assessment. The tribunal was found to have jurisdiction to grant compensatory interest under Section 27A of the Customs Act, 1962. The court emphasized substantial justice over technical objections, modifying the original interest rate from 12% to 6% per annum as per Notification No. 75/2003. The tribunal's power to review and rectify lower authority decisions was affirmed, rejecting procedural impediments. The tax appeal was ultimately disposed of, with the court prioritizing equitable resolution and mandating interest payment at the reduced rate. .....

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