https://www.taxtmi.com/article/detailed?id=16635 Voluntary reversal of input tax credit before issuance of a show cause notice precludes a further tax demand for the same amount, and sustaining such demand would amount to double taxation without authority of law. Where the taxpayer has already reversed the disputed ITC through returns and the electronic credit ledger reflects sufficient balance, no interest is payable under Section 50, and penalty under Section 74 is not sustainable in the absence of fraud, wilful misstatement, suppression of facts, or conscious involvement in dubious transactions. en-us Fri, 12 Jun 2026 08:46:42 +0530 Fri, 12 Jun 2026 08:46:42 +0530 TaxTMI RSS Generator https://www.taxtmi.com/article/detailed?id=16635 Voluntary reversal of input tax credit before issuance of a show cause notice precludes a further tax demand for the same amount, and sustaining such demand would amount to double taxation without authority of law. Where the taxpayer has already reversed the disputed ITC through returns and the electronic credit ledger reflects sufficient balance, no interest is payable under Section 50, and penalty under Section 74 is not sustainable in the absence of fraud, wilful misstatement, suppression of facts, or conscious involvement in dubious transactions. Articles Goods and Services Tax - GST Fri, 12 Jun 2026 08:46:42 +0530 https://www.taxtmi.com/article/detailed?id=16635