https://www.taxtmi.com/caselaws?id=415418 Amounts paid by a declarant during audit and before issuance of the show cause notice had to be deducted while computing the amount payable under the settlement scheme in Section 124 of the Finance (No. 2) Act, 2019. Section 124(2) covers any amount paid as a pre-deposit or as a deposit during enquiry, investigation or audit, and its wording is not confined to payments booked only as tax. The legislative scheme therefore required credit for deposits made towards interest and penalty as well, if they were paid in the relevant proceedings. The Designated Committee's exclusion of such amounts was inconsistent with the statute and unsustainable. en-us Tue, 30 Nov 2021 00:00:00 +0530 Fri, 06 May 2022 16:34:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=415418 Amounts paid by a declarant during audit and before issuance of the show cause notice had to be deducted while computing the amount payable under the settlement scheme in Section 124 of the Finance (No. 2) Act, 2019. Section 124(2) covers any amount paid as a pre-deposit or as a deposit during enquiry, investigation or audit, and its wording is not confined to payments booked only as tax. The legislative scheme therefore required credit for deposits made towards interest and penalty as well, if they were paid in the relevant proceedings. The Designated Committee's exclusion of such amounts was inconsistent with the statute and unsustainable. Case-Laws Service Tax Tue, 30 Nov 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=415418