Regarding Interest on reversal of unutilised ITC
We had to reverse ITC u/s 42 but fails to do so in FY2017-18 and in FY 2018-19 also. Now we have to reverse the amount.
Till date we have not utilised the ITC which was to be reversed. Are we liable to pay interest in this case?
As there is no revenue loss to department and no undue advantage by person. Also section 73 refer section 50 for interest and section 50 asks us to pay interest in case of failure to make payment/short payment and in case of mismatch provisions.
Please give insights on this.