⚖️💼 𝗠𝗮𝗱𝗿𝗮𝘀 𝗛𝗶𝗴𝗵 𝗖𝗼𝘂𝗿𝘁 𝗔𝗹𝗹𝗼𝘄𝘀 𝗜𝗧𝗖 𝗗𝗲𝘀𝗽𝗶𝘁𝗲 𝗟𝗮𝘁𝗲 𝗥𝗲𝘁𝘂𝗿𝗻 𝗙𝗶𝗹𝗶𝗻𝗴 – 𝗝𝘂𝘀𝘁𝗶𝗰𝗲 𝗢𝘃𝗲𝗿 𝗣𝗿𝗼𝗰𝗲𝗱𝘂𝗿𝗲! 💼⚖️ In a key ruling, the High Court held that Input Tax Credit (𝗜𝗧𝗖) 𝗰𝗮𝗻𝗻𝗼𝘁 𝗯𝗲 𝗱𝗲𝗻𝗶𝗲𝗱 simply because the assessee 𝗺𝗶𝘀𝘀𝗲𝗱 𝘁𝗶𝗺𝗲𝗹𝘆 𝗿𝗲𝘁𝘂𝗿𝗻 𝗳𝗶𝗹𝗶𝗻𝗴 before seeking to transition credit. 📅❌

In Sowmiya Spinners (P) Ltd. vs. Deputy Commissioner of GST and Central Excise (2024) 23 Centax 58 (Mad.), the Madras High Court ruled that Input Tax Credit (ITC) cannot be denied simply because the assessee missed filing returns on time before transitioning credit. 📅❌

➡️ The petitioner filed the returns later, curing the lapse, and the Court cited the Supreme Court's decision in State of Uttar Pradesh vs. Aurya Chambers of Commerce that 𝗽𝗿𝗼𝗰𝗲𝗱𝘂𝗿𝗲𝘀 𝗮𝗿𝗲 𝗵𝗮𝗻𝗱𝗺𝗮𝗶𝗱𝘀 𝗼𝗳 𝗷𝘂𝘀𝘁𝗶𝗰𝗲, 𝗻𝗼𝘁 𝘁𝗵𝗲 𝗺𝗶𝘀𝘁𝗿𝗲𝘀𝘀 𝗼𝗳 𝗹𝗮𝘄. The impugned order was quashed, and the writ petition was allowed! ✅📄

💡 𝗞𝗲𝘆 𝗧𝗮𝗸𝗲𝗮𝘄𝗮𝘆: Late filing may be excused if justice is served, and ITC cannot be denied on procedural grounds alone. ⚖️💡