Input tax credit may remain available to a bona fide purchasing...

Input tax credit may remain available to a bona fide purchasing dealer where contemporaneous records, including tax invoices, e-way bills, consignment notes, banking payment evidence and proof of material consumption, establish actual receipt and use of goods. A supplier's later non-existence or retrospective registration cancellation does not by itself defeat credit if the supplier was registered when the supply occurred and transaction evidence remains unrebutted. Penalty for wrongful credit requires proof of fraud, wilful misstatement, suppression or collusion attributable to the recipient; a purchaser is not a guarantor of the supplier's subsequent non-compliance.