https://www.taxtmi.com/caselaws?id=339983 The Tribunal upheld the liability of the assessee to pay interest under Section 8(1) of the U.P. Trade Tax Act, ruling that the shortfall in tax payment constituted admitted tax, triggering interest obligations. The court emphasized that interest liability arises irrespective of bona fide disputes, aligning with precedent that interest accrues by operation of law. The revision challenging the Tribunal's decision was dismissed, affirming the interest liability under Section 8(1) and clarifying that hardship considerations do not exempt parties from fiscal obligations. en-us Tue, 07 Mar 2017 00:00:00 +0530 Sat, 11 Mar 2017 07:57:59 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=339983 The Tribunal upheld the liability of the assessee to pay interest under Section 8(1) of the U.P. Trade Tax Act, ruling that the shortfall in tax payment constituted admitted tax, triggering interest obligations. The court emphasized that interest liability arises irrespective of bona fide disputes, aligning with precedent that interest accrues by operation of law. The revision challenging the Tribunal's decision was dismissed, affirming the interest liability under Section 8(1) and clarifying that hardship considerations do not exempt parties from fiscal obligations. Case-Laws VAT and Sales Tax Tue, 07 Mar 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=339983