https://www.taxtmi.com/caselaws?id=330748 Input tax credit could not be reversed against a purchasing dealer merely because the selling dealer's registration had been cancelled or because the other end dealers had not reported turnover, where the purchaser had dealt with registered sellers and the record lacked a proper factual basis or reasoned consideration for invoking the provisions. Penalty under section 27(4) was also unwarranted in the absence of any finding of escapement of taxable turnover, particularly where the returns based on books of account were accepted. The assessment orders were set aside and the matters remitted for fresh consideration with directions to pass a reasoned order after considering the assessee's objections and relied-upon authorities. en-us Thu, 23 Jun 2016 00:00:00 +0530 Thu, 04 Aug 2016 13:56:52 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=330748 Input tax credit could not be reversed against a purchasing dealer merely because the selling dealer's registration had been cancelled or because the other end dealers had not reported turnover, where the purchaser had dealt with registered sellers and the record lacked a proper factual basis or reasoned consideration for invoking the provisions. Penalty under section 27(4) was also unwarranted in the absence of any finding of escapement of taxable turnover, particularly where the returns based on books of account were accepted. The assessment orders were set aside and the matters remitted for fresh consideration with directions to pass a reasoned order after considering the assessee's objections and relied-upon authorities. Case-Laws VAT and Sales Tax Thu, 23 Jun 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=330748