Interest on Wrongful Input Tax Credit is mandatory where excess transitional credit was retained and later reversed, and related objections were rejec...
Reopening Assessments invalid where satisfaction and jurisdictional approval are absent for third party seized material, leading to quashing of assess...
Retrospective substitution of the proviso to section 50(1) means interest on delayed GST payment is chargeable only on the portion discharged through the electronic cash ledger, i.e. the net cash liability. The existing demand therefore had to be tested against the amended legal position, and the authorities were required to reconsider the matter afresh after giving the taxpayer an opportunity of hearing. The petition was disposed of by remitting the issue for fresh decision under the amended proviso.
Retrospective substitution of the proviso to section 50(1) means interest on delayed GST payment is chargeable only on the portion discharged through the electronic cash ledger, i.e. the net cash liability. The existing demand therefore had to be tested against the amended legal position, and the authorities were required to reconsider the matter afresh after giving the taxpayer an opportunity of hearing. The petition was disposed of by remitting the issue for fresh decision under the amended proviso.
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