TaxTMI 
TaxTMI 
2007 (11) TMI 133
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....bsp; These two appeals are against the order of the Commissioner (Appeals) No. 02 to 03/2007(Ahd-I), dt.17.1.07. 2. Heard both sides. 3. The relevant facts, in brief, are as follows: a) The appellant has taken a credit of Rs.1,04,920/- based ....
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.... imposed a penalty of Rs.10,000/- in respect of irregular credit taken amounting to Rs.1,00,920/-. He also imposed a penalty of Rs.1 lakh in respect of irregular credit taken amounting to Rs.17,60,219/-. 4. The learned advocate submits that the fact that M/s A.K.M. Trading Co. was not registered was not known to them when they took credit.....
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....bsp; I have carefully considered the submissions from both sides. It is not in dispute that the credit taken was wrong and the same stands paid and they do not contest the liability. The original authority held that neither interest is recoverable nor penalty is imposable. The Commissioner (Appeals) has held that no interest is recoverable; however, he has chosen to i....