Maintainability of a Section 7 insolvency petition against a financial service provider denied; appeal dismissed for non maintainability and complex d...
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Date of tendering a cheque is to be treated as the date of payment where the cheque is subsequently honoured, and therefore an interest demand based on cheque-realisation date is incorrect; the Board's prior clarification (Circular) supports treating tendering date as payment. The Online Tax Accounting System's use of cheque-realisation date produced an illegitimate late-payment interest demand; the petitioner had tendered cheques within the statutory due date as certified by the bank, so no delayed-payment interest arises and the refund of amounts paid under protest is justified.
Date of tendering a cheque is to be treated as the date of payment where the cheque is subsequently honoured, and therefore an interest demand based on cheque-realisation date is incorrect; the Board's prior clarification (Circular) supports treating tendering date as payment. The Online Tax Accounting System's use of cheque-realisation date produced an illegitimate late-payment interest demand; the petitioner had tendered cheques within the statutory due date as certified by the bank, so no delayed-payment interest arises and the refund of amounts paid under protest is justified.
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