Tag Archives: meaning of Interest

Tax , Interest and Penalty as defined in Supreme Court Judgment

By | February 26, 2017

In fiscal Statutes, the import of the word-“tax”,”interest”,”penalty”, etc.are well known. They are different concepts. Tax is the amount payable as a result of the charging provision . It is a compulsory extraction of money by a public authority for public purposes, the payment of which is enforce by law. Penalty is ordinarily levied on… Read More »