Chargeability of Int on ITC

Mahesh Khare (Proprietor) (33 Points)

04 January 2020  
In case whole year if tax is not payable due to excess itc. and his no is cancelled after filing all the returns I have filed revocation of cancellation application. Now Authority said that you have to pay int on itc consumed also. I told him that if the balance of itc is with you in credit ledger and our purchase party had already paid tax on it why I will pay int on itc again. Please clarification on the said issue.