Appeals dismissed; 15% interest ordered on excess security deposited for Form-31 from deposit date to refund date SC dismissed the appeals and upheld the HC orders directing payment of interest at 15% on the excess security deposited for issuance of form-31, from date ...
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Appeals dismissed; 15% interest ordered on excess security deposited for Form-31 from deposit date to refund date
SC dismissed the appeals and upheld the HC orders directing payment of interest at 15% on the excess security deposited for issuance of form-31, from date of deposit to date of refund. The SC found no reason to interfere with the HC's determination, even though the statute contained no provision expressly prescribing interest on the excess amount, and affirmed the impugned HC orders dated 10-08-2010 and 13-01-2010.
The Supreme Court, after hearing counsel for the appellant-Revenue and perusal of the record, affirmed the High Court of Judicature at Allahabad's orders dated 10-08-2010 and 13-01-2010 in Trade Tax Revision Nos. 1614/2006 and 336/2002. The Court stated it "find[s] no good ground to interfere with the impugned orders," and therefore dismissed the Civil Appeals. All pending applications were also disposed of. The decision rests on an appellate assessment of the materials on record and concludes there is insufficient legal or factual basis to disturb the High Court's determinations in the trade tax revision proceedings.
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