https://www.taxtmi.com/caselaws?id=341908 The High Court held that the Tribunal erred in deleting the penalty imposed under Section 34(8) of the U.P. Value Added Tax Act for late deposit of tax deducted at source. It emphasized that the statutory scheme mandates penalty imposition once tax is not deposited timely, regardless of intent. The Court clarified that interest payment on delayed tax deposit does not nullify the penalty requirement. The matter was remitted for reconsideration of the penalty amount, highlighting the legislative intent to enforce tax deposit timelines for fiscal discipline. en-us Thu, 13 Apr 2017 00:00:00 +0530 Tue, 18 Apr 2017 18:58:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=341908 The High Court held that the Tribunal erred in deleting the penalty imposed under Section 34(8) of the U.P. Value Added Tax Act for late deposit of tax deducted at source. It emphasized that the statutory scheme mandates penalty imposition once tax is not deposited timely, regardless of intent. The Court clarified that interest payment on delayed tax deposit does not nullify the penalty requirement. The matter was remitted for reconsideration of the penalty amount, highlighting the legislative intent to enforce tax deposit timelines for fiscal discipline. Case-Laws VAT and Sales Tax Thu, 13 Apr 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=341908