Penalty under Section 11AC(1)(c) and Section 122(2)(b) set aside for bona fide late reversal of input tax credit

Penalty under Section 11AC(1)(c) and Section 122(2)(b) set aside for bona fide late reversal of input tax creditCase-LawsGSTThe HC allowed the petition, holding that imposition of penalty under Section 11AC(1)(c) of the Central Excise Act read with Sectio

Penalty under Section 11AC(1)(c) and Section 122(2)(b) set aside for bona fide late reversal of input tax credit
Case-Laws
GST
The HC allowed the petition, holding that imposition of penalty under Section 11AC(1)(c) of the Central Excise Act read with Section 122(2)(b) of the CGST Act was unjustified. The Court observed that although the petitioner belatedly reversed proportionate input tax credit on obsolete/slow-moving inputs, no undue advantage accrued and the reversal was recorded i

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