#ITC cannot be denied merely on the basis of the retrospective cancellation of #GST Registration of the Supplier.
ITC would be allowed on the basis of documents and Proper Officer is directed to verify those
Madras High Court's landmark judgment in Engineering Tools Corporation
The High Court directs reassessment on the basis of evidence to prove the genuineness of purchases such as:
1 Tax Invoice
2 E-Way Bills
3 Transport Documents
4 Proof of Payments to Supplier through Banking Channels
ITC cannot be reversed exclusively on the ground of retrospective cancellation. Merely because of cancellation genuine transaction doesn't become fraudulent.
Title: Tvl. Engineering Tools Corporation vs The Assistant Commissioner (ST) , Chennai
Court: Madras High Court
Citation: Writ Petition No. 3505 of 2024 And W.M.P. Nos. 3758 & 3759 of 2024
Dated: 15-Feb-2024
Abhishek Raja "Ram"
@abhishekrajaram
MEC, STBA Delhi || Speaker and Author on GST. Life dedicated towards Tax and Economic Reforms & Simplification