We are pleased to
release a Tax Alert on the recent decision of the Kerala High Court in M/s
Muthoot Finance Limited v. (1) Union of India; (2) Commissioner of Central
Excise; TS-98-HC-2015(KER)-ST.
The issue discussed is whether the mandatory pre-deposit provisions of 7.5% for pursuing a remedy before the Tribunal as introduced vide the Finance (No. 2) Act, 2014 w.e.f. 6 August 2014 will be applicable for a ‘lis’ (dispute/litigation) that had arisen prior to the said amendment.
By this ruling in favour of the petitioner, any ensuing doubt relating to whether the petitioner would have to pre-deposit an amount of 7.5% of the tax confirmed against him in respect of lis commenced prior to introduction of amendment to the Finance Act, 1994 has been put to rest.
The issue discussed is whether the mandatory pre-deposit provisions of 7.5% for pursuing a remedy before the Tribunal as introduced vide the Finance (No. 2) Act, 2014 w.e.f. 6 August 2014 will be applicable for a ‘lis’ (dispute/litigation) that had arisen prior to the said amendment.
By this ruling in favour of the petitioner, any ensuing doubt relating to whether the petitioner would have to pre-deposit an amount of 7.5% of the tax confirmed against him in respect of lis commenced prior to introduction of amendment to the Finance Act, 1994 has been put to rest.
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