Levy of penalty - carry forward of excess credit - it was a bona ...

Central Excise

May 28, 2021

Levy of penalty - carry forward of excess credit - it was a bona fide mistake of carrying forward excess credit - There is no other allegation or evidence brought on record by the revenue that intentionally and purposefully the Appellant had shown wrong opening balance thereby continued to enjoy excess credit for a period of time till it is pointed out by the audit. Therefore, imposition of penalty equal to the amount of credit availed cannot be sustained. - AT

View Source

← Previous Next →

Levy of penalty - carry forward of excess credit - it was a bona ...

Central Excise

May 28, 2021

You may also like:

Penalty - Confiscation of foriegn currency - carrying currency in excess of prescribed limit - penalty reduced - AT

Carry forward of excess payment of tax as ITC for next year - Allegation of availment of excess input tax credit - . The appellant argued that the net tax payable for...

Exemption u/s 11 - Accumulation of income - Carry forward of deficit - Carry forward of excess expenditure carried forward from the earlier assessment years - The...

Relief to start-ups in carrying forward and setting off of losses - Relaxation in 51% holding of shares for the purpose of carry forward of losses of eligible star-up...

Period of limitation for carrying forward of Unabsorbed depreciation loss prior to assessment year - once the Circular No.14 of 2001 clarified that the restriction of 8...

Carry forward of the depreciation loss - once the Circular No.14 of 2001 clarified that the restriction of 8 years for carry forward and set off of unabsorbed...

Carry forward of excess tax - Petitioner paid amount in excess of tax liability - Authority denied carrying forward of tax - There appears no rationale on the part of...

Carry forward and set off of MAT credit - MAT credit available to the assessee prior to demerger, even though, the same is arised on account of SEZ units, the credit for...

Carry forward of ITC - ITC, as per tran-1, was not reflected in the Electronic Credit Ledger - Since the petitioners have clearly made out a case for grant of relief,...

Penalty for non deduction of tax at source - bona fide belief proved - penalty set aside - AT

Change in constitution of firm or on succession – Restriction to carry forward losses - Unabsorbed depreciation is carried forward u/s 32(2) and are not brought forward...

CIRP - Carry forward of losses - The benefit of carry forward of losses can be availed by the Appellant subject of opportunity to be given to Income Tax Authority to...

Disallowance of setting off of the carried forward loss - return filed beyond the due date specified under subsection (1) of section 139 - It was argued that the delay...

Denial of carry forward of long term capital loss - When the he taxed the difference in amount under short term capital gain and also disallowed short term capital loss...

Determining the business loss by allowing carried forward loss - return is filed beyond the due date prescribed u/s 139(1) - AO has correctly held that business loss is...

Quick Updates: