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2016 (6) TMI 904 - HC - VAT and Sales TaxLevy of penalty - claim of input tax credit applying the wrong formula - whether the act of the petitioner would fall in the category of ‘unintentional act or not’ - Section 72 of the KVAT Act - purchases of petroleum products including furnace oil - Held that:- first appellate authority in the present matter, has found that the action was not unintentional and therefore, the benefit of circular would not be available to the assessee. The question of non- applicability of correct formula could be said as unintentional if there is ambiguity in the applicability of such formula. When the formula was so clear as found by the Tribunal, and if it was not applied, the view taken by the Tribunal that the action was not unintentional cannot be said to be an impossible view, which may call for interference by us. - Levy of penalty confirmed. - Decided against the assessee.
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