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2015 (4) TMI 655 - HC - VAT and Sales TaxLevy of penalty and interest - adjustment of carried forward input tax credit - Held that:- respective assessees had surplus balance of input credit, which have been adjusted against the demand of tax upon reassessment. Under these circumstances, the element of avoidance of tax could be said as lacking. Consequently, the deletion of interest and penalty by the learned Tribunal could not be said as unjustifiable and/or it cannot be said that the learned Tribunal has committed any error in deleting the interest and penalty. Following decision of STATE OF GUJARAT Versus JAY STEEL AND TUBES TRADERS [2015 (2) TMI 372 - GUJARAT HIGH COURT] - Decided against Revenue.
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