PEPSICO INDIA HOLDINGS LTD. vs COMMISSIONER OF TRADE TAX,LUCKNOW

The Supreme Court addressed the appeal regarding the applicability of interest on trade tax under the U.P. Trade Tax Act, specifically Section 8(1) and Section 8(1B). The Court held that the appellant is liable to pay interest at the rate of 2% per month from the date of filing returns under Section 8(1), rejecting the appellant's claim for a lower rate under Section 8(1B). The decision reaffirmed the applicability of the precedent set in State of Orissa v. Asiatic Gases Ltd., clarifying the nature of rental charges for containers as taxable under the Act.