Concessional penalty for search-disclosed unreconciled jewellery applies where substantive disclosure conditions are met despite omission from origina...
Reversal of Input Tax Credit (ITC) - The court notes that the impugned order reversed the ITC based solely on the cancellation of the supplier's registration and disregarded the documents submitted by the petitioner. The court opines that the petitioner may be required to prove the existence of the supplier at the relevant time and demonstrate the genuineness of the transaction with relevant documents. - The assessing officer is directed to consider whether the transaction was genuine by examining all relevant documents in that regard.
Reversal of Input Tax Credit (ITC) - The court notes that the impugned order reversed the ITC based solely on the cancellation of the supplier's registration and disregarded the documents submitted by the petitioner. The court opines that the petitioner may be required to prove the existence of the supplier at the relevant time and demonstrate the genuineness of the transaction with relevant documents. - The assessing officer is directed to consider whether the transaction was genuine by examining all relevant documents in that regard.
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