Tribunal upholds assessee's stance on tax credits following CESTAT's ruling on genuine purchases.

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....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.....