https://www.taxtmi.com/caselaws?id=262076 Under the Gujarat VAT scheme, admissible input tax credit must be adjusted against output tax liability first, and interest can arise only on any balance tax dues remaining after that adjustment. Excessly claimed credit may attract penalty under the statute, but where the assessee is otherwise entitled to admissible credit, interest and penalty cannot be fastened on amounts already satisfied by that credit. The analysis applies the conjoint operation of the assessment, credit, and adjustment provisions to confirm that liability is confined to the net amount actually due. en-us Fri, 17 Jul 2015 00:00:00 +0530 Tue, 07 Jun 2016 12:40:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=262076 Under the Gujarat VAT scheme, admissible input tax credit must be adjusted against output tax liability first, and interest can arise only on any balance tax dues remaining after that adjustment. Excessly claimed credit may attract penalty under the statute, but where the assessee is otherwise entitled to admissible credit, interest and penalty cannot be fastened on amounts already satisfied by that credit. The analysis applies the conjoint operation of the assessment, credit, and adjustment provisions to confirm that liability is confined to the net amount actually due. Case-Laws VAT and Sales Tax Fri, 17 Jul 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=262076