Interest on penalty on vat
Mukesh Khandelwal
(Querist) 20 April 2013
This query is : Resolved
Please advise me what is the provision of interest calculation on penalty amount which was not deposited on the time of assessment. assessee suit appeal before appellant authority and the case was remanded on one point. and the two further point of appeal is dismissed. Assessee suit appeal before tax board against the two points which was rejected. Tax board dismissed the appeal and desided that the remand order was as per law. Now assessee liable to pay demand [tax and penalty as per AO]. Please clear the law provision of interest payable on demand amount. Interest will be calculated on tax [vat] amount or total demand including penalty under section 75(8) of Rajasthan vat act 2003.
Mukesh Khandelwal
9828242065
9414742055
H.M.Patnaik
(Expert) 22 April 2013
The Demand Notice accompanying the order may be exmined to quantum of penal interest payable in your case.
R K JAIN
(Expert) 22 April 2013
Interest will be payable on the expiry of the time given in the demand notice in case of the demand of tax and penalty under section 75(8) modified after the appellate authority order.
Mukesh Khandelwal
(Querist) 23 April 2013
Thanks a lot Jain Sir, but i just want to clear my query that as you, the Interest will be payable on the expiry of the time given in the demand notice in case of the demand of tax and penalty under section 75(8) modified after the appellate authority order. [It is notable that the appellant authority has not confirmed the demand. The case was remanded by appellant authority with order of re valuation of stock with all details and conditions provide by assessee and after then pass a new assessment order.
The assessing authority has rejected the request of assessee for valuation of stock as ordered in appeal effect and he suit the appeal against the appeal order. Assessee also suits an appeal against the two further point of appeal which was rejected by appellant authority. Appeal of assessee is reject before the honor of Tax board, Ajmer. The decision on appeal of department on remand order is still pending before honorable Tax Board, Ajmer. Now what the provision…… please clear that the quantum of interest on penalty.
