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Reversal of Input Credit interest and penalty is applicable

VAT and Sales Tax - Started By: - MUNIRAJ SRINIVASAN - Dated:- 15-12-2015 Last Replied Date:- 17-12-2015 - Dear sir,My client is wrongly availed input credit of ₹ 130000 for the month of Oct 2015 but he is not utilized the credit amount but next month Nov 2015 he was reversed the said amount department of Commercial Taxes put penalty and interest for said amount is applicable ? if any provision/ Case law is there ? - Reply By Ganeshan Kalyani - The Reply = If the amount is nominal it is be .....

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