(i) Whether the second proviso to Section 3(2) of the Entry Tax Act is ultra vires to the Constitution? (ii) Whether interest can be levied in the matter of late payment of entry tax under the Entry Tax Act, by virtue of the provisions of the Bihar Finance Act, and, with the aid of Section 8 of the Entry Tax Act?
Interest on securities and interest on head office investment account was made chargeable pursuant to Board’s instructions No. 1923 dated 14.3.1995 and as such, this Court sees no occasion for assessee Bank to declare same in its profit and loss account, wherein it had declared interest of Rs. 39.98 Crores, on approved securities for the period 1.10.1991 to 31.3.1992.
