https://www.taxtmi.com/caselaws?id=165035 Appropriation of sales tax payments was held to be governed by the Kerala General Sales Tax Act as a self-contained fiscal code, so the debtor-creditor rules in sections 59 and 60 of the Indian Contract Act did not apply to tax arrears. The court further construed section 55C as operating by reference to the date of payment: payments made on or after its commencement had to be appropriated first towards interest and then towards principal, even where the arrears related to earlier assessment years. The assessee's challenge to that statutory mode of adjustment therefore failed. en-us Wed, 04 Nov 2009 00:00:00 +0530 Tue, 28 Oct 2014 09:33:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=165035 Appropriation of sales tax payments was held to be governed by the Kerala General Sales Tax Act as a self-contained fiscal code, so the debtor-creditor rules in sections 59 and 60 of the Indian Contract Act did not apply to tax arrears. The court further construed section 55C as operating by reference to the date of payment: payments made on or after its commencement had to be appropriated first towards interest and then towards principal, even where the arrears related to earlier assessment years. The assessee's challenge to that statutory mode of adjustment therefore failed. Case-Laws VAT and Sales Tax Wed, 04 Nov 2009 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=165035