Summon issued regarding ITC claimed on fake invoices. Theteafter ITC reversed by taxpayers voluntarily through DRC03 without issue of SCN. The interest and penalty was not paid in DRC 03 quoting clause 2 of instruction no 1/2022-23 dated 25/05/2023. Now department issued notice asking for pymt of intt n penalty.
Whether penalty will be imposed in case of voluntary reversal of ITC w/o issue of SCN?
CAclubindia
