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of <h1>Interest awarded on illegally retained penalty deposit from date of deposit under Section 29 of Trade Tax Act</h1> <h3>M/s. Rajat Udyog Versus Commissioner Of Trade Tax U.P.</h3> HC held that where a tribunal found the appellant was not a dealer and had not conducted business in the State, retention of a penalty deposit that was ... - First appellate order dated 26.10.1981 held the assessee 'was not a dealer in the State of U.P. and had not done any business in the State of U.P. and therefore, was not liable to pay any taxes in U.P.' Pursuant to a penalty dated 8.10.1976 the assessee deposited Rs. 48,700. The principal was refunded on 16.5.1997; interest was consistently claimed and denied. The revision raises whether interest should have been allowed where there was a categorical finding of no contravention of Section 28-A and whether retention of an amount 'which was retained by the department illegally and which was not required to be deposited' entitles the assessee to interest. Applying Section 29 of the U.P. Trade Tax Act, the court concluded: 'the assessee has become entitled to interest with effect from 8th of October, 1976 to 16.5.1997. The rate of interest will be as per the provisions of Section 29 of the Act.' Revision disposed accordingly.
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