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.

To date we have not utilized the ITC which was to be reversed. Are we liable to pay interest in this case?

As there is no revenue loss to the department and no undue advantage by a person. Also, section 73 refers to 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.