Rounding of commodities transaction values to the nearest unit adjusts tax, interest, penalty, and refunds under the tax rules. The value of a taxable commodities transaction and the amounts of commodities transaction tax, interest, penalty and refund under Chapter VII are rounded to the nearest rupee; paise of fifty or more are increased to the next rupee and paise less than fifty are ignored.
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Provisions expressly mentioned in the judgment/order text.
Rounding of commodities transaction values to the nearest unit adjusts tax, interest, penalty, and refunds under the tax rules.
The value of a taxable commodities transaction and the amounts of commodities transaction tax, interest, penalty and refund under Chapter VII are rounded to the nearest rupee; paise of fifty or more are increased to the next rupee and paise less than fifty are ignored.
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