Taxpayer Penalized for Bill Trading Under KVAT Act Sec 70(2); Failed to Prove Legitimate Input Tax Credit Claim.

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....Input Tax Credit (ITC) - Imposition of penalty u/s 70[2] of KVAT Act - bill trading “to evade the tax due to the State Government” - burden of proving that the claim of input tax credit is correct, is squarely upon the Assessee who never discharged the said burden in the present case. - HC....