Penalty under Section 27(3) TNVAT Act for ITC reversal must follow latest Circulars and proper factors
Case-Laws
GST
The HC held that the penalty imposed under Section 27(3) of the TNVAT Act, 2006, for reversal of ITC due to mismatched returns was improperly determined without regard to relevant factors and applicable Circulars. The Tribunal erred by relying on an outdated Circular, failing to consider the subsequent Circular No.5/2021 issued pursuant to this Court's directive mandating
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