https://www.taxtmi.com/caselaws?id=189634 A retrospective amendment to the composition scheme under Section 7D of the U.P. Trade Tax Act permitted payment of a 3% composition fee in place of 1% for the relevant assessment years. Once the assessee exercised that option, the earlier tax consequence under the original scheme was displaced for those years. As the amended circular did not create an interest liability for the period before 28.10.2003, interest could not be levied on the balance 2% amount for that antecedent period. The governing principle is that a retrospective composition scheme replacing the earlier liability does not permit interest for a period not covered by the amended levy. en-us Thu, 13 Aug 2015 00:00:00 +0530 Mon, 16 Jan 2017 10:50:50 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=189634 A retrospective amendment to the composition scheme under Section 7D of the U.P. Trade Tax Act permitted payment of a 3% composition fee in place of 1% for the relevant assessment years. Once the assessee exercised that option, the earlier tax consequence under the original scheme was displaced for those years. As the amended circular did not create an interest liability for the period before 28.10.2003, interest could not be levied on the balance 2% amount for that antecedent period. The governing principle is that a retrospective composition scheme replacing the earlier liability does not permit interest for a period not covered by the amended levy. Case-Laws VAT and Sales Tax Thu, 13 Aug 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=189634