https://www.taxtmi.com/caselaws?id=159256 Penalty cannot be sustained where non-payment arises from a bona fide legal view supported by then-binding precedent, because such reliance constitutes reasonable cause under the penalty provision. The article also states that interest cannot be charged for a period when the Act contained no authorising provision, as a later interest clause operates prospectively and cannot create retrospective liability absent express or necessarily implied intent. The discussion therefore treats penalty and interest as impermissible for the relevant period when the taxpayer's conduct was consistent with the law as then understood and no statutory basis for interest existed. en-us Thu, 04 Dec 1997 00:00:00 +0530 Tue, 19 Nov 2013 14:35:46 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=159256 Penalty cannot be sustained where non-payment arises from a bona fide legal view supported by then-binding precedent, because such reliance constitutes reasonable cause under the penalty provision. The article also states that interest cannot be charged for a period when the Act contained no authorising provision, as a later interest clause operates prospectively and cannot create retrospective liability absent express or necessarily implied intent. The discussion therefore treats penalty and interest as impermissible for the relevant period when the taxpayer's conduct was consistent with the law as then understood and no statutory basis for interest existed. Case-Laws VAT and Sales Tax Thu, 04 Dec 1997 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=159256