Input Tax Credit ledger records self-assessed credits usable only for tax payment, not penalties or fees. The ITC Ledger records Input Tax Credit as self-assessed in monthly returns and serves as the formal repository of credited tax; amounts standing in the ledger may be used only to make payment of tax and cannot be applied to interest, penalty, fees or other non-tax charges.
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Provisions expressly mentioned in the judgment/order text.
Input Tax Credit ledger records self-assessed credits usable only for tax payment, not penalties or fees.
The ITC Ledger records Input Tax Credit as self-assessed in monthly returns and serves as the formal repository of credited tax; amounts standing in the ledger may be used only to make payment of tax and cannot be applied to interest, penalty, fees or other non-tax charges.
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