TaxTMI 
TaxTMI 
2009 (10) TMI 869
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....the petitioner has prayed for a writ in the nature of certiorari to quash the endorsements dated March 30, 2009 and May 20, 2009 as per annexures E and G to the writ petition refusing to pay interest on delayed refund. The petitioner contends that during the assessment year 2005-06, 2006-07, 2007-08 they made certain purchases from a company called M/s. Kaytee Switch Gear Limited. On the purchase....
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....made purchases from a company called M/s. Kaytee Switch Gear Limited during the assessment years 2005-06, 2006-07 and 2007-08. Further it is not in dispute that the seller of the petitioner-company collected input tax at 12.5 per cent on the value of the goods. Further it is not in dispute that the seller of the petitioner-company who collected the input tax from the petitioner-company failed and ....
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.... also the penalty. The respondents are only entitled to retain the input tax at four per cent and consequent interest on delayed payment, penalty and are liable to refund the excess input tax together with interest as per section 50 of the Karnataka Value Added Tax Act, 2003 read with rule 128 of the Rules. The respondents are not entitled to retain the interest collected from the seller on the re....