The HC held that Input Tax Credit (ITC) claims must typically be...

The HC held that Input Tax Credit (ITC) claims must typically be made in the Return or Revised Return, with exceptions requiring demonstrated bona fides. Rectification of underclaimed ITC due to bona fide mistakes in tax rates is permissible through representation when foundational facts are available in the Return/Revised Return. No rectification is permitted after assessment/reassessment proceedings conclude or limitation period expires. During reassessment, ITC claims cannot be disallowed merely because they disadvantage the State Exchequer. If reassessed tax exceeds payable amount, recovery with interest/penalty is warranted; conversely, if payment exceeds reassessed liability, ITC claims made before conclusion of reassessment proceedings must be honored. Petition dismissed.