22 August 2022
EXCESS LIABILITY & EXCESS ITC CLAIMED FOR SAME AMOUNT DUE TO CLERIKAL MISTAKE IN THE YEAR 2017-18 SIR DUE TO CLERICAL MISTAKE I HAVE TAKEN 2 LACS IN LIABILTY AND SAME EXCESS ITC HAS BEEN TAKEN. NOW WE HAVE RECEIVED NOTICE U/S 61 WHAT TO DO IN BEST
22 August 2022
In my opinion You can reply saying that it is a revenue neutral transaction since 2 lacs were excess declared in liability and same amount was taken in input tax credit so eventually the net effect is nil. since the excess amount is set off by excess input tax credit.
CAclubindia
