Equalisation levy interest applies where levy is not timely credited, triggering monthly interest on outstanding amounts. Equalisation levy not credited to the Central Government account within the prescribed period attracts simple interest for every month or part of a month on the unpaid portion, creating a continuing obligation on the assessee to remit timely and pay periodic interest for delays.
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Provisions expressly mentioned in the judgment/order text.
Equalisation levy interest applies where levy is not timely credited, triggering monthly interest on outstanding amounts.
Equalisation levy not credited to the Central Government account within the prescribed period attracts simple interest for every month or part of a month on the unpaid portion, creating a continuing obligation on the assessee to remit timely and pay periodic interest for delays.
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