Section 122(1)(vii) provides for penalty for taking the ITC. Section 122(2) also provides for penalty for wrong availment of ITC. Under which situation 122(1) will get attracted under which situation 122(2) will get attracted?
Frah Saeed Answered question May 12, 2020
In our understanding Sec 122(1)(vii) will apply in cases ITC is availed without actual receipt of goods or services or both either fully or partially. Sec 122(2) applies in other cases like availing of blocked credit, non reversal of ITC as per Sec 17(1)/ 17(2) for non business use / use in exempt supply..
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Frah Saeed Answered question May 12, 2020