https://www.taxtmi.com/caselaws?id=466074 Input tax credit under the Rajasthan VAT Act is a conditional statutory concession, and where vehicles are sold at a subsidised or lower price, the credit cannot exceed the output tax payable; on the facts stated, reversal of credit was justified. Penalty under Section 61(2)(b) requires a deliberate and conscious attempt to evade tax, and mere interpretational is insufficient; because the transactions were recorded and disclosed, penalty was not leviable. The text states that the Rajasthan Tax Board's order was upheld, sustaining the credit reversal and the deletion of penalty. en-us Wed, 17 Jan 2024 00:00:00 +0530 Fri, 27 Feb 2026 11:24:43 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=466074 Input tax credit under the Rajasthan VAT Act is a conditional statutory concession, and where vehicles are sold at a subsidised or lower price, the credit cannot exceed the output tax payable; on the facts stated, reversal of credit was justified. Penalty under Section 61(2)(b) requires a deliberate and conscious attempt to evade tax, and mere interpretational is insufficient; because the transactions were recorded and disclosed, penalty was not leviable. The text states that the Rajasthan Tax Board's order was upheld, sustaining the credit reversal and the deletion of penalty. Case-Laws VAT / Sales Tax Wed, 17 Jan 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=466074