SC affirms that Delayed FTT Payment Is Not Failure to Pay

The Court drew a clear distinction between non-payment and delayed payment of FTT, holding that Section 38(3) applies only to actual non-payment and not to a delay in remittance. 

It further held that penalty under Section 38 is not automatic and that the principle of no reformatio in peius prevents an assessee from being placed in a worse position after pursuing an appeal.