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Can penalty be adjusted against itc?

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(Querist)
14 December 2011 Can The penalty levied u/s 56 & 60 of the Punjab Vat Act be adjusted against the excess ITC left after adjusting the output Vat & CST? Or the party has to deposit the penalty amount separately
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MJ Krishnamurthy

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MJ Krishnamurthy (Expert)
14 December 2011 Ms Sumiti Jain,
Penalty under any Act is not adjstable with any tax due. It can be paid together,but it will be acounted seperately in your vat records....
MJK
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Sumiti Jain

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Sumiti Jain (Querist)
23 December 2011 Thanx MJ Krishnamurthy for ur advice
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