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27A. Interest on delayed refunds. — If any duty ordered to be refunded under sub- (2) of 27 to an applicant is not refunded within three months from the date of receipt of application under sub- (1) of that , there shall be paid to that applicant interest at such rate, not below five per cent and not exceeding thirty per cent per annum as is for the time being fixed by the Central Government by Notification in the Official Gazette, on such duty from the date immediately after the expiry of three months from the date of receipt of such application till the date of refund of such duty :
Provided that where any duty, ordered to be refunded under sub- (2) of 27 in respect of an application under sub- (1) of that made before the date on which the Finance Bill, 1995 receives the ass- ent of the President, is not refunded within three months from such date, there shall be paid to the applicant interest under this from the date immediately after three months from such date, till the date of refund of such duty.
Explanation. — Where any order of refund is made by the Commissioner (Appeals), Appellate Tribunal , National Tax Tribunal or any court against an order of the Assistant Commissioner of Customs or Deputy Commissioner of Customs under sub- (2) of 27, the order passed by the Commissioner (Appeals), Appellate Tribunal or as the case may be, by the court shall be deemed to be an order passed under that sub- for the purposes of this .
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