https://www.taxtmi.com/highlights?id=84077 The ITAT decided in favor of the assessee. The Central Excise Directorate had issued a show-cause notice alleging that the assessee had claimed CENVAT credit on bogus purchases. However, the CESTAT (Customs, Excise, and Service Tax Appellate Tribunal) had previously held that the purchases in question were not bogus. Consequently, the ITAT ruled that since the very basis for initiating proceedings u/s 263 of the Income Tax Act had been vacated/set aside by the CESTAT's findings, the order passed u/s 263 was liable to be set aside. en-us Wed, 18 Dec 2024 08:58:08 +0530 Wed, 18 Dec 2024 08:58:08 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=84077 The ITAT decided in favor of the assessee. The Central Excise Directorate had issued a show-cause notice alleging that the assessee had claimed CENVAT credit on bogus purchases. However, the CESTAT (Customs, Excise, and Service Tax Appellate Tribunal) had previously held that the purchases in question were not bogus. Consequently, the ITAT ruled that since the very basis for initiating proceedings u/s 263 of the Income Tax Act had been vacated/set aside by the CESTAT's findings, the order passed u/s 263 was liable to be set aside. Highlights Income Tax Wed, 18 Dec 2024 08:58:08 +0530 https://www.taxtmi.com/highlights?id=84077