Opportunity to furnish unsecured-loan confirmations is required before reassessment initiation; proceedings require fresh consideration after taxpayer...
Under-reporting on a first reassessment return attracts penalty, while enhanced misreporting penalty requires proof of a statutory misreporting catego...
Input tax credit on purchases from an allegedly bogus supplier was allowed where the recipient produced purchase, transportation and goods-receipt records. Entitlement required examination of statutory conditions and transaction-specific evidence, rather than reliance solely on allegations against the supplier. Restoration of the supplier's registration also undermined the claim that it was bogus or non-existent. Documents submitted as additional evidence did not prejudice the adjudicating authority because they were forwarded for examination and its report was considered. The procedural objection was rejected, and the Revenue's appeal against allowance of input tax credit was dismissed.
Input tax credit on purchases from an allegedly bogus supplier was allowed where the recipient produced purchase, transportation and goods-receipt records. Entitlement required examination of statutory conditions and transaction-specific evidence, rather than reliance solely on allegations against the supplier. Restoration of the supplier's registration also undermined the claim that it was bogus or non-existent. Documents submitted as additional evidence did not prejudice the adjudicating authority because they were forwarded for examination and its report was considered. The procedural objection was rejected, and the Revenue's appeal against allowance of input tax credit was dismissed.
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