https://www.taxtmi.com/caselaws?id=239083 Penalty for delayed deposit of admitted tax under the Trade Tax Act was upheld because interest on late payment compensates for retained tax, while penalty enforces the statutory payment schedule. The assessee's inability to recover the tax component from the purchaser, including where the purchaser was a Government company, was held immaterial and did not excuse default. The Tribunal's view that the explanation was not reasonable was sustained, but the penalty was moderated on the facts and reduced from 20% to 15%. en-us Fri, 04 Oct 2013 00:00:00 +0530 Wed, 09 Jul 2014 13:38:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=239083 Penalty for delayed deposit of admitted tax under the Trade Tax Act was upheld because interest on late payment compensates for retained tax, while penalty enforces the statutory payment schedule. The assessee's inability to recover the tax component from the purchaser, including where the purchaser was a Government company, was held immaterial and did not excuse default. The Tribunal's view that the explanation was not reasonable was sustained, but the penalty was moderated on the facts and reduced from 20% to 15%. Case-Laws VAT and Sales Tax Fri, 04 Oct 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=239083