LON (90/1381)

No. 5695

Decision given 4 March 1991.

Penalty – Serious misdeclaration – Overstatement of input tax – Appellant company overstated its entitlement to credit for input tax in its return for period ending 30 June instead of period that included July – Whether reasonable excuse – Finance Act 1985, sec. 14.

  The issue was whether the appellant company had a reasonable excuse for claiming credit for input tax in the period before the invoice was received.

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