Start Date for calculating Interest on incorrect ITC Availed

Shaashwath Bhat (Finance) (23 Points)

06 October 2020  

What is the start date to be considered while calculating Interest on incorrect ITC availed. Is it the date on which ITC availed as per books or date on which said ITC was claimed in the monthly return? Quoting relevant provisions of the act would add more essence to the answer.