REVERSAL AMOUNT TO NON AVAILMENT OF CREDIT
This query is : Resolved
CA MITHLESH KUMAR
(Querist)
16 February 2008
AS PER VARIOUS DECISION OF COURT, REVERSAL AMOUNT TO NON AVAILMENT OF CREDIT. SO IF CREDIT TAKEN TWICE OR INPUT TAKEN AC CAPITAL GOODS AND AFTER KNOWING THE FACT IT HAS BEEN REVERSED. NOW QUESTION IS WHETHER INTEREST IS REQUIRED TO PAY ON SUCH REVERSAL OR NOT.
U S Sharma
(Expert)
15 May 2011
if the credit so availed and reversed is not at all utilized till date of reversal, then assesee has to report that he is not entitled to pay interest for non availment.
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