Whether ITC is eligible in the absence of proof of the genuineness of transactions
No, the Honorable Supreme Court in the case of The Additional Commissioner of Commercial Taxes v. M/s Shankara Infrastructure Materials Ltd. [arising out of SLP (Civil) No. 5504 of 2022 dated October 14, 2024] granted leave and allowed the appeal and disposed of the case. The respondent M/s. Shankara Infrastructure Materials Ltd. was duly served notice, however, no appearance was made before the officer. Further, on July 19, 2024, the case was last listed. The Additional Commissioner of Commercial Taxes (petitioner) contended that the case was covered by the judgment of State of Karnataka v. Ecom Gill Coffee Trading Private Limited [Civil Appeal No. 230 of 2023] and alleged that the case is of bogus claim without any actual transactions. Hence, the Assessee cannot claim the Input Tax Credit.