2026 (2) TMI 826

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....er, 2025 passed by the Assistant Commissioner, GST South Commissionerate, operative part of which reads thus:- "1. I hereby invoke the extended period of limitation so provided under proviso to Section 74(1) of the CGST Act, 2017 read with Section 20 of the IGST Act, 2017 for excess/wrongly availment of ITC. 2. I confirm the demand of ineligible ITC of Rs. 67,50,000/- (IGST - Rs. 67,50,000/-) (Rupees Sixty Seven Lakh Fifty Thousand only) under Section 74(1) of CGST Act, 2017 read with section 20 of the IGST Act, 2017 and corresponding provisions of SGST Act. Further, I ordered to appropriate Rs. 653400/- from the above demand as the taxpayer has deposited the same vide DRC-03 dated 30.09.2020 as discussed in the Para 15.7 ....

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....m of demand for the reasons mentioned in the said Show Cause Notice, which was based on an investigation. 6. Paragraph 11 of the said Show Cause Notice summarizes the liability and responsibility of the petitioner which is reproduced as under:- "11. From the investigation conducted so far, it transpires the followings: i. M/s. AGTSPL, GSTIN:37MKCA7278H1Z7, is engaged in issuance of invoice or bills without underlying supply of goods or rendering of service, in violation of the provision of the CGST Act, 2017 and rules made thereunder, leading to wrongful availment and utilization of ITC passed on by M/s. AGTSPL. M/s. SREI Equipment Finance Pvt Ltd (GSTIN; 07MKCS3431L1Z4) is one such recipients of M/ s. AGTSPL that has a....

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....ndia, vide notification dated 04.10.2021, superseded the Board of SEFL and appointed an Administrator to oversee its affairs. By an Order dated 08.10.2021, the National Company Law Tribunal, Kolkata Bench admitted the application under Section 227 read with Section 239(2)(zk) of the IBC and admitted the SEFL to CIRP and appointed an Administrator to oversee the affairs of the Company. A copy of the Order dated 08.10.2021 passed by the National Company Law Tribunal Kolkata Bench in C.P.(IB) No.294 of 2021 (Reserve Bank of India Vs. SREI Equipment Finance Ltd.) is enclosed and marked as Annexure-2 to this reply petition." 9. As such, it is the contention of the learned counsel for the petitioner that once the moratorium is approve....