2015 (2) TMI 372

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....For the Appellant : Mr. Jaimin Gandhi, AGP ORDER (Per : Honourable Mr. Justice Akil Kureshi) 1. State is in appeal against the judgment of the Gujarat Value Added Tax Tribunal ('the Tribunal' for short) proposing following questions for our consideration: "(1) Whether Tribunal erred in deleting levy of interest and penalty merely because assessee had excess input credit adjustable agai....

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.... tax liability, which aroused due to disallowance of ITC. We therefore, remove entire interest and penalty. We pass following order." 3. From the observation of the Tribunal, it appears that though the assessing officer had raised additional tax demand of Rs. 76,010/and imposed interest and penalty on such basis, the Tribunal was of the opinion that the assessee had sufficient Input Tax Credit ....