https://www.taxtmi.com/caselaws?id=419761 Interest and penalty under the Karnataka Value Added Tax Act were held unsustainable where the return, on recomputation and in light of the rectification order and prior classification ruling, did not understate output tax liability or overstate input tax credit. The Tribunal found that the reassessment proceeded on a higher tax rate premise, but the recorded facts did not support the statutory basis for levy under Sections 36(1) and 72(2). As no independent ground was shown to justify either levy on the facts found, the revision against that part of the order failed and the question of law was answered in favour of the assessee. en-us Wed, 02 Mar 2022 00:00:00 +0530 Sat, 19 Mar 2022 13:03:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=419761 Interest and penalty under the Karnataka Value Added Tax Act were held unsustainable where the return, on recomputation and in light of the rectification order and prior classification ruling, did not understate output tax liability or overstate input tax credit. The Tribunal found that the reassessment proceeded on a higher tax rate premise, but the recorded facts did not support the statutory basis for levy under Sections 36(1) and 72(2). As no independent ground was shown to justify either levy on the facts found, the revision against that part of the order failed and the question of law was answered in favour of the assessee. Case-Laws VAT and Sales Tax Wed, 02 Mar 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=419761