Case Law Details
Parsvnath Traders Vs Principal Commissioner (Punjab and Haryana HC)
The Hon’ble Punjab and Haryana High Court in M/s Parsvnath Traders v. Principal Commissioner, CGST and Another [CWP No.10923 of 2021 dated July 27, 2023] held that the deposited amount which was collected from assessee during the search proceedings is to be refunded along with interest @ 6% per annum from the date of deposit till the refund amount is released in his favour.
Facts:
M/s. Parsvnath Traders (“the Petitioner”) is engaged in the business of trading different types of chemicals. The Petitioner, in the normal course of business purchases from M/s Royal Sales Corporation, Rohtak (“the Supplier”) during the Financial Years (“the FYs”) 2018-19 and 2019-20.
The Petitioner paid GST on the purchases and availed Input Tax Credit (“ITC”) for INR 60.89 lacs and INR 1.25 crore for both the FYs.
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