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2023 (8) TMI 340 - MADRAS HIGH COURTRecovery of amount wrongly transitted as input tax credit lying un-utilised under the VAT return - interest under Section 50(3) of the TNGST Act, 2017 read with Rule 121 of the TNGST Rules - HELD THAT:- The Hon’ble Supreme Court has meanwhile taken note of the difficulties faced by the assessee and the mistakes committed by them, while transitting the input tax credit lying un-utilised on the cut off date on 30.06.2017. The Hon’ble Supreme Court in its decision in the case of Union of India Vs. Filco Tade Centre Pvt Ltd, SLP(C).No.32709-32710 of 2018, order dated 22.07.2022 [2022 (7) TMI 1232 - SC ORDER] and 02.09.2022 [2022 (9) TMI 514 - SC ORDER], has directed the respondents to allow the transitional credit. Pursuant to the aforesaid order of the Hon’ble supreme Court, the respondent has also regularised the credit worngly transitioned as a un-utilised VAT lying in the petitioner’s account. However, the respondent has not set aside the interest that was imposed on the petitioner under Section 18(3) of the TNGST Act, 2017 vide the impugned order. The impugned order stands recalled - Petition allowed.
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