https://www.taxtmi.com/highlights?id=77440 Interest on Delayed Payments to Small Scale and Ancillary Industrial Undertakings - The Supreme Court clarified that statutory provisions prevailed over contractual clauses, ensuring timely payments to protect small-scale industries. It ruled that the proviso to Section 3 applied prospectively, maintaining the validity of pre-existing contractual agreements. Detailed examination of facts was mandated to determine interest liability accurately. Additionally, the treatment of compounded interest under Section 5 required further consideration for proper adjudication. In conclusion, the Court dismissed the appeal, emphasizing adherence to statutory provisions and equitable resolution of disputes. en-us Wed, 15 May 2024 09:19:24 +0530 Wed, 15 May 2024 09:19:24 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=77440 Interest on Delayed Payments to Small Scale and Ancillary Industrial Undertakings - The Supreme Court clarified that statutory provisions prevailed over contractual clauses, ensuring timely payments to protect small-scale industries. It ruled that the proviso to Section 3 applied prospectively, maintaining the validity of pre-existing contractual agreements. Detailed examination of facts was mandated to determine interest liability accurately. Additionally, the treatment of compounded interest under Section 5 required further consideration for proper adjudication. In conclusion, the Court dismissed the appeal, emphasizing adherence to statutory provisions and equitable resolution of disputes. Highlights Companies Law Wed, 15 May 2024 09:19:24 +0530 https://www.taxtmi.com/highlights?id=77440