https://www.taxtmi.com/highlights?id=84905 The HC held that transitional Cenvat Credit carried forward qualifies as "input tax credit" under the CGST Act. Interest u/s 50(3) is payable for wrongly availing and utilizing such credit. However, imposing penalty u/s 122(2)(b) read with 74(1) requires evidence of fraud or willful misstatement, which was absent as the petitioner acted under a bona fide belief. While upholding interest liability, the HC quashed the penalty recognizing lack of fraudulent intent by the petitioner, a government company. The petition was allowed in part. en-us Thu, 16 Jan 2025 08:17:50 +0530 Thu, 16 Jan 2025 08:17:50 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=84905 The HC held that transitional Cenvat Credit carried forward qualifies as "input tax credit" under the CGST Act. Interest u/s 50(3) is payable for wrongly availing and utilizing such credit. However, imposing penalty u/s 122(2)(b) read with 74(1) requires evidence of fraud or willful misstatement, which was absent as the petitioner acted under a bona fide belief. While upholding interest liability, the HC quashed the penalty recognizing lack of fraudulent intent by the petitioner, a government company. The petition was allowed in part. Highlights GST Thu, 16 Jan 2025 08:17:50 +0530 https://www.taxtmi.com/highlights?id=84905