The Delhi High Court has quashed the Order-in-Original passed by the GST Officer, Department of Trade & Taxes, Government of N.C.T. of Delhi, and allowed the Writ Petition filed by the ICICI Lombard General Insurance Company Limited.
The Court in the order has directed the adjudicating authority to proceed afresh in light of the Show Cause Notice already issued and reply submitted by the Company.
The General Insurance Company received a GST demand of ₹ 1,49,55,43,768/-, Interest of ₹ 1,24,34,72,940/- and levying penalty of ₹ 14,95,54,377/- for FY 2019-20.
The demand was on the ground of entitlement for Input Tax Credit availed by the Company and corresponding reconciliation with various parameters; and Reconciliation difference between values reported in monthly returns with the corresponding annual return.
The company filed a writ petition before the Delhi High Court challenging the aforesaid order.
