2019 (4) TMI 4

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....urchased resin worth Rs. 3,53,98,511/- from one M/s Shrey Import and Exports, Ghaziabad, which was also a registered dealer. A survey was conducted by SIB team at the premises of M/s Shrey Import and Exports, Ghaziabad on 29.5.2014 and the premises was found to be closed. Registration of the said firm was cancelled on 9.6.2014. After the survey, notice was issued to revisionist for disallowance/reversal of input tax credit of Rs. 17,69,927/- claimed by it on account of tax paid on its purchases from M/s Shrey Import and Exports, Ghaziabad. The revisionist submitted its reply. The same being rejected by the assessing authority, an assessment was made on 29.9.2018. Aggrieved by the said order, the revisionist preferred an appeal before the ....

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.... UPTC(98)148 and C.C.T. vs. Modern Steel Traders, 2014 NTN (54)53 and M/s Shivalik Builders vs. C.C.T. vs., 2018 T.L.D.-217. Sri Rahul Agarwal, learned counsel for the revisionist further submitted that mere closure of the firm on the date of survey does not impute that the firm was not doing any business and further the registration was cancelled on 9.6.2014. He further contends that Tribunal did not record any finding as to the transaction held by assessee with seller through proper banking channel and had only relied upon the finding of First Appellate Authority, which had held that assessee only had the cash receipt and no finding has been recorded either by First Appellate Authority or Tribunal as to the transaction done by assessee w....