Pepsico India Holdings Ltd vs Commissioner Of Trade Tax,Lucknow

The Supreme Court addressed the appeal concerning the applicability of interest rates under Section 8 of the U.P. Trade Tax Act, specifically whether interest should be charged at 2% per month under Section 8(1) or 1.5% under Section 8(1B). The Court upheld the lower courts' decision to impose interest at the higher rate, affirming that the appellant's rental charges for glass bottles constituted taxable turnover. The judgment clarified the interpretation of tax liability on rentals, aligning with the precedent set in State of Orissa v. Asiatic Gases Ltd. (2007) 5 SCC 766.