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TypeBare Act JurisdictionCentral Government

Finance Act 2008 Section 111

Penalty for Failure to Collect or Pay Commodities Transaction Tax

~1 min read
https://sooperkanoon.com/act/48803

Bare act section · Research

About this section

Finance Act 2008 Section 111 is part of Finance Act 2008 - Penalty for Failure to Collect or Pay Commodities Transaction Tax. Read the section text below and explore Indian court judgments that cite it.

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Section Text

Any assessee who--

(a) fails to collect the whole or any part of the commodities transaction tax as required under section 101; or

(b) having collected the commodities transaction tax, fails to pay such tax to the credit of the Central Government in accordance with the provisions of sub-section (2) of that section, shall be liable to pay,--

(i) in the case referred to in clause (a), in addition to paying the tax in accordance with the provisions of sub-section (3) of that section, or interest, if any, in accordance with the provisions of section 105, by way of penalty, a sum equal to the amount of commodities transaction tax that he failed to collect; and

(ii) in the case referred to in clause (b), in addition to paying the tax in accordance with the provisions of sub-section (2) of that section and interest in accordance with the provisions of section 105, by way of penalty, a sum of one thousand rupees for every day during which the failure continues; so, however, that the penalty under this clause shall not exceed the amount of commodities transaction tax that it failed to pay.

Frequently asked questions

What does Finance Act 2008 Section 111 provide?

Section Section 111 of the Finance Act 2008 (Penalty for Failure to Collect or Pay Commodities Transaction Tax) is reproduced on this page as part of the Finance Act 2008. Lawyers and researchers use it to read the statutory wording before checking how courts have applied this section in reported judgments.

How do I find judgments on Finance Act 2008 Section 111?

Open “Find citing judgments” on this page to search Supreme Court, High Court, and tribunal decisions that reference Finance Act 2008 Section 111. Advanced act search can narrow results by court, year, or additional act filters.

Is the section text on SooperKanoon official?

SooperKanoon hosts bare act text for research and quick reference. For filings or compliance in Central, confirm the wording against the official state gazette or authorized publication.

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