No Interest or Penalty for Unutilized Excess Input Tax Credit Claim

Deepak Sales Corporation Vs Union of India (Punjab and Haryana High Court) Introduction: The Punjab and Haryana High Court recently rendered a verdict in the case of Deepak Sales Corporation vs. Union of India. The central issue of the case revolved around whether a taxpayer could be liable for interest and penalties when excess input tax credit (ITC) was not utilized. This article provides an in-depth analysis of the court’s decision. Detailed Analysis: Deepak Sales Corporation, a proprietorship trading concern, found itself facing a dispute with the tax authorities. The company, operat...