https://www.taxtmi.com/caselaws?id=153218 For interest under section 8(1), "tax admittedly payable under the Act" refers to tax correctly calculable on the turnover disclosed in the return on the law prevailing when the return was due, not tax later increased by assessment, retrospective legislation, or a later judicial interpretation. Section 8(1) and section 8(1-B) operate in different fields: a later assessment and the time granted for payment of assessed tax do not remove interest already attracted for default in paying admitted tax. Interest is not chargeable where the dealer's return-time calculation was bona fide and legally correct under the then existing law, but it remains leviable where exemption or concessional treatment was not proved by the prescribed statutory conditions or forms. en-us Wed, 22 Oct 1980 00:00:00 +0530 Fri, 19 Jul 2013 15:36:08 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=153218 For interest under section 8(1), "tax admittedly payable under the Act" refers to tax correctly calculable on the turnover disclosed in the return on the law prevailing when the return was due, not tax later increased by assessment, retrospective legislation, or a later judicial interpretation. Section 8(1) and section 8(1-B) operate in different fields: a later assessment and the time granted for payment of assessed tax do not remove interest already attracted for default in paying admitted tax. Interest is not chargeable where the dealer's return-time calculation was bona fide and legally correct under the then existing law, but it remains leviable where exemption or concessional treatment was not proved by the prescribed statutory conditions or forms. Case-Laws VAT and Sales Tax Wed, 22 Oct 1980 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=153218