https://www.taxtmi.com/highlights?id=61720 Levy of Interest and penalty - reversal of transitional credit - no records to show utilization of such credit - invocation of Section 74 of the TNGST Act, 2017, justified or not? - Before levying penalty or interest, a proper excise was required to be made by a proper officer under Section 74(10) after ascertaining whether the credit was wrongly availed and wrongly utilised. - Imposition of interest or penalty either u/s 73 or 74 stand attracted only where such credit was not only availed but also utilised for discharging the tax liability. - HC en-us Mon, 31 Jan 2022 10:59:34 +0530 Mon, 31 Jan 2022 10:59:34 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=61720 Levy of Interest and penalty - reversal of transitional credit - no records to show utilization of such credit - invocation of Section 74 of the TNGST Act, 2017, justified or not? - Before levying penalty or interest, a proper excise was required to be made by a proper officer under Section 74(10) after ascertaining whether the credit was wrongly availed and wrongly utilised. - Imposition of interest or penalty either u/s 73 or 74 stand attracted only where such credit was not only availed but also utilised for discharging the tax liability. - HC Highlights GST Mon, 31 Jan 2022 10:59:34 +0530 https://www.taxtmi.com/highlights?id=61720