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Excess credit shown in er1 returns

This query is : Resolved 
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Querist : Anonymous

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Querist : Anonymous (Querist)
12 August 2013 One of our friend has

1)showned excess credit of Rs. 2 lakhs in ER1 for the month of March and same is rectified in the month of July.
2) has paid interest for excess amount shown in March returns as same closing balance is continued for returns of April and which results in short payment of duty of Rs. 1.5 lakhs for the month of June.

my query is

a)whether penalty is applicable for excess credit shown in March/short payment of duty for the month of June.
b)if yes, how to compute penalty in this case

can any one clarify

thanks in advance

ram
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Arun Kumar Singh

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Arun Kumar Singh (Expert)
12 August 2013 If you have reversed the duty with interest then penalty can not be impose.

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