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2015 (4) TMI 211 - MADRAS HIGH COURTImposition of penalty - Wrongful availment of input tax credit - Held that:- on the admitted fact of wrongful availment of input tax credit, the provisions of Section 27 (4) (i) and (ii) squarely mandates levy of penalty. In the backdrop of the above said provision of law, we find that the Tribunal was correct in modifying the order of the Assessing Authority in the matter of levy of penalty as of one falling under Section 27 (4) (i) and further holding that it does not fall under Section 27 (4) (ii), as held by the Assessing Authority. Admittedly, it is the first detection of wrongful availment. We further find that the proviso to Section 27 (4), i.e., to provide for an opportunity to the assessee for showing cause against such imposition of penalty, has also been complied with and the assessee has not chosen to rebut the same. In such view of the matter, we find that there is no error of law warranting interference with the order passed by the Tribunal and this Court concurs with the finding of the Tribunal. - No question of law arises - Decided against assessee.
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