https://www.taxtmi.com/caselaws?id=200039 Where a deferment-to-loan scheme is interwoven with the underlying exemption framework, benefit is confined to an industrial unit holding a valid eligibility certificate. Once that certificate is withdrawn for breach of conditions, the withdrawal operates retrospectively and revives liability to tax, interest and penalty from inception, even if deferred sales tax had earlier been converted into an interest-free loan and repaid through book adjustments. Interest was therefore rightly demanded and the challenge failed. en-us Fri, 21 Oct 2016 00:00:00 +0530 Sat, 17 Mar 2018 20:42:35 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=200039 Where a deferment-to-loan scheme is interwoven with the underlying exemption framework, benefit is confined to an industrial unit holding a valid eligibility certificate. Once that certificate is withdrawn for breach of conditions, the withdrawal operates retrospectively and revives liability to tax, interest and penalty from inception, even if deferred sales tax had earlier been converted into an interest-free loan and repaid through book adjustments. Interest was therefore rightly demanded and the challenge failed. Case-Laws VAT and Sales Tax Fri, 21 Oct 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=200039