https://www.taxtmi.com/highlights?id=62517 Waiver of interest and penalty under Sections 36(1) and 72(2) of the Karnataka Value Added Tax Act, 2003 - respondent himself has accepted that he has understated his liability to tax on the sale of Nutralite during the year 2007-08 - The Tribunal having modified the rate of tax from 12.5% to 5.5% in terms of the order passed in Rectification Application, it cannot be gainsaid that there is no understatement of output tax liability or overstatement of entitlement to input tax credit by the appellant in the return filed. - Petition dismissed - HC en-us Mon, 21 Mar 2022 10:42:01 +0530 Mon, 21 Mar 2022 10:42:01 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=62517 Waiver of interest and penalty under Sections 36(1) and 72(2) of the Karnataka Value Added Tax Act, 2003 - respondent himself has accepted that he has understated his liability to tax on the sale of Nutralite during the year 2007-08 - The Tribunal having modified the rate of tax from 12.5% to 5.5% in terms of the order passed in Rectification Application, it cannot be gainsaid that there is no understatement of output tax liability or overstatement of entitlement to input tax credit by the appellant in the return filed. - Petition dismissed - HC Highlights VAT and Sales Tax Mon, 21 Mar 2022 10:42:01 +0530 https://www.taxtmi.com/highlights?id=62517