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2015 (7) TMI 1037 - HC - VAT and Sales TaxDemand of interest and penalty - Assessee paid excess Input Tax Credit - Held that:- while declaring / holding that the appellant is entitled to adjustment of admissible Input Tax Credit towards its output tax liability of the current year under consideration, the learned Tribunal has rightly observed and held that the assessee is liable to pay interest only on the dues rising on assessment after adjusting the admissible Input Tax Credit towards its output tax liability - Decision in the case of State of Gujarat V. Cosmos International Ltd. [2015 (4) TMI 779 - GUJARAT HIGH COURT] followed - The present case is having similar question of law involved, which is already been decided by the Division Bench of this Court. Hence, the appeal is meritless - Decided against Revenue.
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