I have wrongly availed excess ITC amounting Rs 5000 in 2018-19. and deposit the same in December 2023 in response of notice u/s 61.
Now Assessing authority demanding interest on it @ 24% , which comes more than availed excess ITC.
My question is what should be the rate of interest and can it be more than availed ITC i.e. 5000.
CAclubindia
