https://www.taxtmi.com/caselaws?id=348548 The Court held that penal interest under a deferral agreement should be calculated from the due date for repayment of the loan, not from the date the deferral loan was availed. Relying on the Amutha Mills case, the Court directed authorities to collect penal interest only from the date of agreement cancellation. The judgment emphasized adherence to the terms of the agreement in determining liability for penal interest. The impugned notices demanding penal interest were set aside, and the matter was remanded for fresh consideration by the first respondent, ensuring compliance with legal principles and providing a personal hearing to the petitioner. en-us Wed, 06 Sep 2017 00:00:00 +0530 Mon, 25 Sep 2017 07:18:10 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=348548 The Court held that penal interest under a deferral agreement should be calculated from the due date for repayment of the loan, not from the date the deferral loan was availed. Relying on the Amutha Mills case, the Court directed authorities to collect penal interest only from the date of agreement cancellation. The judgment emphasized adherence to the terms of the agreement in determining liability for penal interest. The impugned notices demanding penal interest were set aside, and the matter was remanded for fresh consideration by the first respondent, ensuring compliance with legal principles and providing a personal hearing to the petitioner. Case-Laws VAT and Sales Tax Wed, 06 Sep 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=348548