https://www.taxtmi.com/caselaws?id=399077 Penalty for delayed deposit of admitted VAT was held unjustified where the tax and interest for the period of delay had already been paid. The Tribunal's view was accepted that section 58(1)(vii) penalty could not be sustained because the belated payment caused no financial loss to the revenue and the default was confined to delay in remittance. The High Court also noted that the same reasoning had been applied in earlier connected revisions, and the question was answered in favour of the assessee and against the revenue. en-us Wed, 02 Sep 2020 00:00:00 +0530 Sat, 03 Oct 2020 11:21:49 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=399077 Penalty for delayed deposit of admitted VAT was held unjustified where the tax and interest for the period of delay had already been paid. The Tribunal's view was accepted that section 58(1)(vii) penalty could not be sustained because the belated payment caused no financial loss to the revenue and the default was confined to delay in remittance. The High Court also noted that the same reasoning had been applied in earlier connected revisions, and the question was answered in favour of the assessee and against the revenue. Case-Laws VAT and Sales Tax Wed, 02 Sep 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=399077