2015 (2) TMI 372

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..... ion that the assessee had sufficient Input Tax Credit and those tax credits could have been adjusted against the assessee’s additional assessed tax liability. That being the position, the Tribunal correctly held that the interest could not be charged. Further, we notice Section 34(7) of the Gujarat Value Added Tax Act, which pertains to the power of the Commissioner to impose penalty, begins with .....

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..... appeal against the judgment of the Gujarat Value Added Tax Tribunal ( the Tribunal for short) proposing following questions for our consideration: (1) Whether Tribunal erred in deleting levy of interest and penalty merely because assessee had excess input credit adjustable against tax demand? (2) Any other substantial question sof law as may be deemed fit by the Hon'ble High Court may .....

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..... ollowing order. 3. From the observation of the Tribunal, it appears that though the assessing officer had raised additional tax demand of ₹ 76,010/and imposed interest and penalty on such basis, the Tribunal was of the opinion that the assessee had sufficient Input Tax Credit and those tax credits could have been adjusted against the assessee s additional assessed tax liability. That bei .....

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