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1 - 10 of 20 (0.27 seconds)The Maharashtra Value Added Tax Act, 2002
The Code of Civil Procedure, 1908
Section 234A in The Income Tax Act, 1961 [Entire Act]
Section 234B in The Income Tax Act, 1961 [Entire Act]
Section 234C in The Income Tax Act, 1961 [Entire Act]
Section 30 in The Maharashtra Value Added Tax Act, 2002 [Entire Act]
Section 37 in The Maharashtra Value Added Tax Act, 2002 [Entire Act]
Mahalaxmi Sugar Mills Co. Ltd vs Commissioner Of Income-Tax, Delhi, New ... on 9 April, 1980
14. Before coming to conclude the subject matter of disallowance, we note that,
the Hon'ble Apex Court in 'Mahalakshmi Sugar Mills' (supra) settled the issue of
deductibility of interest on taxes/duties holding that, interest payable on unpaid or
delayed liability is part and parcel of such liability and was in the nature of
compensation to the government. The said decision rendered in context of
deductibility cannot robotically be pressed for the purpose of provisions of section
43B(a) of the Act, when the legislature in its wisdom thought fit not to provide
interest explicitly in clause (a) of section 43B of the Act.
Prakash Cotton Mills Pvt. Ltd vs Commissioner Of Income Tax (Central) ... on 6 April, 1993
Insofar as the
deductibility of such unpaid interest u/s 37(1) of the Act is concerned there is much
less dispute in view of 'Mahalakshmi Sugar Mills Co Vs CIT' [1980, 123 ITR 429
(SC)]'Prakash Cotton Mills Ltd. Vs CIT (Central)' [1993, 201 ITR 684 (SC)] &
'Lachmandas Mathura Vs CIT' reported in 254 ITR 799 (SC). However it is the
case of the Revenue that, the interest on MVAT is in the form of sales tax/VAT
which remained unpaid before the expiry of due date prescribed u/s 139(1) for
filing return of income hence is subject matter of disallowance u/c (a) of section
43B of the Act. Per contra the appellant dismantles Revenue's proposition on
twofold contentions that; (a) such unpaid interest is not a tax, hence provisions of
section 43B(a) of the Act are inapplicable and (b) without prejudice to (a) the
disallowance of such unpaid interest u/s 43B through summary processing u/s
143(1)(a) of the Act is impermissible.