Interest
This query is : Resolved
silvi ubal gomes
(Querist)
02 June 2010
A Ltd has been issued a notice by the sales tax dept for arrears of sales tax liability from the year 2004-05. Interest has been charged u/s 36(3)(a)and 36(3)(b)and 36(4A. Interest liability is twice the amount of tax liabilty. Is this possible???? Can a relief be claimed under any section??????
CA. O.P. Agarwalla
(Expert)
07 June 2010
The first point is that there is no sucgh bar that interest can not be of an amount in excess of the tax.
But in your caes, I have some doubts. You may mail me the details alongwith the text of section 36 of the Act at following ID
opg_fca@sify.com
But in your caes, I have some doubts. You may mail me the details alongwith the text of section 36 of the Act at following ID
opg_fca@sify.com
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