Regarding in put tax

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

06 May 2015 sir,

we have received a notice for vat assessment for the f.y 2010-11 (karnataka VAt)
accridngly we have submitted the books of accounts and vat 240.
the assessing officer has noticed that we have claimed excess in put credit to the extent of Rs 6876in the month of DEc 2010 AS per Vat 100.
but the same has been reversed during the month of March-2011. .I.E. SHORT CLAIMED TO THE EXTENT OF 6876/-
the officer relied on vat 100 and not on 240.
now the assessing officer has levied interest and penalty u/s 39(1)of the KVAT ACT 2003.
KINDLY LET US KNOW WHETHER THE OFFICER IS CORRECT IN NOT CONSIDERING VAT 240

Vishnu Saboo

Vishnu Saboo (Expert)
Follow

06 May 2015 in case of claiming excess credit there is penelty and interest provision in law.
but if you reversed it in mar-11, you can plea him to charges interest for 3 months.