https://www.taxtmi.com/caselaws?id=249496 An exemption notification under the Karnataka Value Added Tax Act, 2003 was read as preserving an industrial incentive through a refund-and-adjustment mechanism, requiring the unit to collect the tax, file returns, pay the net tax and then obtain refund within the stipulated time. The Court noted that this mechanism was procedural and intended to adjust the exempted amount against the unavailed concession, not to create an independent tax liability in the ordinary sense. Because the notification made interest payable only for delay in refund by the State and did not expressly impose interest or penalty on the assessee for delayed remittance, sections 36 and 72 could not be invoked merely for non-payment or late payment of the collected tax. en-us Thu, 25 Jul 2013 00:00:00 +0530 Tue, 15 Jul 2014 09:26:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=249496 An exemption notification under the Karnataka Value Added Tax Act, 2003 was read as preserving an industrial incentive through a refund-and-adjustment mechanism, requiring the unit to collect the tax, file returns, pay the net tax and then obtain refund within the stipulated time. The Court noted that this mechanism was procedural and intended to adjust the exempted amount against the unavailed concession, not to create an independent tax liability in the ordinary sense. Because the notification made interest payable only for delay in refund by the State and did not expressly impose interest or penalty on the assessee for delayed remittance, sections 36 and 72 could not be invoked merely for non-payment or late payment of the collected tax. Case-Laws VAT and Sales Tax Thu, 25 Jul 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=249496