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TMI BlogDemand in case other than fraud or any wilful-misstatement or suppression of facts pertaining to the period up to Financial Year 2023-24 [Section 73]X X X X Extracts X X X X X X X X Extracts X X X X ..... which has not been so paid or which has been so short paid or to whom the refund has erroneously been made, or who has wrongly availed or utilised input tax credit Time limit for issuance of SCN [ Section 73(2), (10)] Time limit for issuing SCN:- The proper officer shall issue the notice under section 73(1) at least three months prior to serving order. [section 73(2)] Time limit for issuance of Adjudication order :- As per section 73(10) time limit is within three years from the due date for furnishing of annual return for the financial year to which the tax not paid or short paid or input tax credit wrongly availed or utilised relates to or within three years from the date of erroneous refund. Extension of time limit specified u/s 73(10) f ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rve a statement, containing the details of - tax not paid or short paid or erroneously refunded or input tax credit wrongly availed or utilised for such periods on the person chargeable with tax. Section 73(4) The service of such statement shall be deemed to be service of notice on such person chargeable with tax, on the same grounds as stated in earlier notice.(i.e. as show cause notice). Payment of tax before issue of SCN [Section 73(5), (6), (7)] [Voluntary Payment] Interest on tax always paid whether specified or not in demand order As Per section 73(5) In case of payment of amount of tax along with interest payable thereon under section 50 on the basis of his own ascertainment of such tax or the tax as ascertained by the proper officer ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... impose the penalty equivalent to, a) 10% of tax or b) ₹ 10,000/- Whichever is higher Non-applicability of the provision of Section 73 [ Section 73(12) (w.e.f. 01.11.2024 vide N.No. 17/2024 dated 27.09.2024) [ Inserted vide Finance (No.2) Act, 2024 ] The provisions of this section shall be applicable for determination of tax pertaining to the period up to Financial Year 2023-24 Procedure for issue of Notice and order for demand of amounts payable under the Act to be read in reference to Rule 142 Important Notification Circular Central Government, notifies the special procedure for rectification of for Input Tax Credit Orders issued under Section 73, 74, 107, 108 which confirming demand for wrong availment of input tax credit. [ Notific ..... X X X X Extracts X X X X X X X X Extracts X X X X
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