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Nangia Andersen LLP Update
The Bombay High Court recently quashed the tax notice that sought to disallow transitional tax credit for educational cess. The Court was ruling in the matter of Godrej and Boyce, where a transitional credit of Rs 3.84 crore was availed.
The order of the Bombay High Court would be helpful in cases wherein SCN's have been issued seeking recovery of credit of Education Cess and Secondary & Higher Education Cess along with interest and penalty based on newly inserted Explanation 3 to Section 140 of CGST Act read with the yet to be notified/ amended Explanation 1.
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