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2014 (8) TMI 448 - CESTAT NEW DELHILevy of interest and penalty - delay in payment of tax - Delay due to change in constitution of the entity from a Government department to a Public Limited Company - Held that:- As per the section, interest is payable for delay in payment of tax payable under Section 68 and Rules made thereunder. So the delay is to be calculated from the date on which tax was due to the date on which tax was paid - appellant had not put in place system by which tax is due for each month and no reasonable cause is adduced for such failure for prolonged period. So the appellants are liable to penalty under Section 76 - Decided against assessee.
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