https://www.taxtmi.com/caselaws?id=258774 Where reassessment produced an additional tax demand but the assessee had sufficient carried forward input tax credit to absorb it, the demand could be adjusted against that credit and no intention to evade or avoid tax was found. In that setting, the statutory basis for penalty was not attracted, and interest and penalty could not be sustained merely because the reassessment created an additional liability. Interest and penalty were therefore deleted, and the Revenue's challenge failed. en-us Fri, 20 Mar 2015 00:00:00 +0530 Fri, 17 Apr 2015 17:09:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=258774 Where reassessment produced an additional tax demand but the assessee had sufficient carried forward input tax credit to absorb it, the demand could be adjusted against that credit and no intention to evade or avoid tax was found. In that setting, the statutory basis for penalty was not attracted, and interest and penalty could not be sustained merely because the reassessment created an additional liability. Interest and penalty were therefore deleted, and the Revenue's challenge failed. Case-Laws VAT and Sales Tax Fri, 20 Mar 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=258774