Penalty for Excess Credit Deemed Unsustainable Due to Bona Fide Mistake, No Evidence of Intentional Misconduct Found.

Penalty for Excess Credit Deemed Unsustainable Due to Bona Fide Mistake, No Evidence of Intentional Misconduct Found. https://www.taxtmi.com/highlights?id=58144 Levy of penalty - carry forward of excess credit - it was a bona fide mistake of carrying forward excess credit - There is no other allegation or evidence brought on record by the revenue that intentionally and purposefully the Appellant had shown wrong opening balance thereby continued to enjoy excess credit for a period of time till it is pointed out by the audit. Therefore, imposition of penalty equal to the amount of credit availed cannot be sustained. - AT en-us Fri, 28 May 2021 13:40:01 +0530 Fri, 28 May 2021 13:40:01 +0530 TaxTMI RSS Generator Penalty for Excess Credit Deemed Unsustainable Due to Bona Fide Mistake, No Evidence of Intentional Misconduct Found. https://www.taxtmi.com/highlights?id=58144 Levy of penalty - carry forward of excess credit - it was a bona fide mistake of carrying forward excess credit - There is no other allegation or evidence brought on record by the revenue that intentionally and purposefully the Appellant had shown wrong opening balance thereby continued to enjoy excess credit for a period of time till it is pointed out by the audit. Therefore, imposition of penalty equal to the amount of credit availed cannot be sustained. - AT Highlights Central Excise Fri, 28 May 2021 13:40:01 +0530 https://www.taxtmi.com/highlights?id=58144