HC rules out leviability of
interest on delayed payment of Cess on Crude Oil, absent substantive provision
obliging assessee to do so under Oil Industry (Development) Act 1974; Rejects
Revenue’s stand that interest was applicable in terms of Section 15(4) of said
Act, which adopts the provisions of Central Excise Act and rules thereunder in
relation to levy and collection of excise duties; Confirming CESTAT’s view, HC
refers to SC ruling in India Carbon Ltd wherein it was held that interest on
tax due could be charged only when the taxing statute made a substantive
provision to pay interest for delayed payment of tax and not otherwise :
Gauhati HC
Subscribe to:
Post Comments (Atom)
-
Particulars in Part 1 and Part 2 of Step-2 of registration form are required to be exactly the same as reported in the TDS statement. Plea...
-
When India introduced the Goods and Services Tax (GST), it created a big change in the way companies handle their taxes. Earlier, business...
-
A new website launched for TDS related matters www.tdscpc.gov.in TRACES – T DS R econciliation A nalysis and C orrection E nabling S yste...
-
In this post, I will discuss Secretarial Standards related to Proxies under SS – 2. Right to Appoint: A Member entitled to attend and ...
-
What is a Digital Signature? Answer: A digital signature authenticates electronic documents in a similar manner a handwritten signatur...
-
Companies often give gifts to their employees to boost morale, celebrate achievements, and promote a positive work environment. Such gifts ...
-
LEASE-DEED (A brief Introduction) Lease defined. A lease of immovable property is a transfer of a right to enjoy such property, mad...
-
Section 150 of the Finance (No. 2) Act, 2024, specifies that taxpayers will not receive refunds for taxes paid or input tax credits (ITC) re...
-
Overview The Supreme Court of India recently ruled on the applicability of the Most Favoured Nation (MFN) clause in tax treaties involvin...
No comments:
Post a Comment