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TMI Blog2024 (10) TMI 1041X X X X Extracts X X X X X X X X Extracts X X X X ..... ned order dated 18 August 2021 is set aside and the respondents are directed to refund to the petitioner the amounts claimed i.e., Rs. 9,26,570/- within four weeks from today. - M.S. SONAK JITENDRA JAIN, JJ. For the Petitioner : Mr. Bharat Raichandani i/by UBR Legal. For the Respondent nos.1, 3, 4, 5 6: Mr. M. P. Sharma a/w Ms. Mamta Omle. For the Respondent no. 2-State : Ms. Nazia Sheikh. P.C. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... It is observed that the provision of Section 50 of the CGST Act, 2017 have been amended by the Finance Act, 2022 retrospectively w.e.f 01.07.2017. The amended provision reads as under:- (3) Where the input tax credit has been wrongly availed and utilised, the registered person shall pay interest on such interest on such input wrongly availed and utilised, at such rate not exceeding twenty-four per ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... date of utilisation of such wrongly availed input tax credit till the date of reversal of such credit or payment of tax in respect of such amount, at such rate as may be notified under said sub-section (3) of section 50. Explanation . -For the purposes of this sub-rule, - (1) input tax credit wrongly availed shall be construed to have been utilised, when the balance in the electronic credit ledger ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... was never below the amount (Rs. 3,93,30,920/-) of input tax credit wrongly availed. In view of the above, the Petitioner appears to have availed but not utilised wrongly availed input TRAN-1 credit. I say that petitioner filed TRAN-1 credit of Rs.4,43,76,462/-on 22.09.2017 then Petitioner filed for reversal of the excess credit only in July, 2018 due to which revenue suffers loss. The petitioner h ..... X X X X Extracts X X X X X X X X Extracts X X X X
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