https://www.taxtmi.com/caselaws?id=763314 ITAT Ahmedabad set aside revision proceedings u/s 263 after CESTAT ruled that purchases were not bogus. The assessee faced additions based on Central Excise show-cause notice alleging bogus Cenvat Credit claims. ITAT held that since CESTAT determined purchases were genuine, the foundation for s.263 proceedings was eliminated. The tribunal concluded that when the underlying basis for revision proceedings is vacated by appellate authority, the s.263 order cannot be sustained. Decision favored the assessee. en-us Fri, 27 Sep 2024 00:00:00 +0530 Wed, 18 Dec 2024 08:58:07 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=763314 ITAT Ahmedabad set aside revision proceedings u/s 263 after CESTAT ruled that purchases were not bogus. The assessee faced additions based on Central Excise show-cause notice alleging bogus Cenvat Credit claims. ITAT held that since CESTAT determined purchases were genuine, the foundation for s.263 proceedings was eliminated. The tribunal concluded that when the underlying basis for revision proceedings is vacated by appellate authority, the s.263 order cannot be sustained. Decision favored the assessee. Case-Laws Income Tax Fri, 27 Sep 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=763314