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TMI Blog2023 (9) TMI 502X X X X Extracts X X X X X X X X Extracts X X X X ..... le reply on account of closure of the business can be attributed to the negligence of the petitioner. However, on that score alone, the impugned order cannot be sustained. Petitioner deserves a chance to explain the case as there is a possibility of the petitioner establishing that credit was available for being set off against the tax liability of the petitioner for the period in dispute - The petitioner shall deposit a sum of Rs. 20,00,000/. This amount to be deposited by the petitioner shall be either appropriate or refunded to the petitioner subject to the final outcome of the proceedings pursuant to this order. The case is remitted back to the respondent to redo the exercise subject to the petitioner depositing the aforesaid sum of Rs. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e petitioner, so that the petitioner can explain the discrepancy. To show bona fide , the learned counsel for the petitioner submits that the petitioner is willing to deposit a token amount that may be imposed by this Court. 7. It is submitted that the discrepancy has arisen only on account of the delay in filing returns and in paying tax only due to the failure of the suppliers to file returns in time. It is further submitted that the petitioner had closed down the business. 8. The learned Government Advocate for the respondent would submit that even according to the petitioner, already informations were uploaded in the web portal and was downloaded by the petitioner's chartered accountant. Therefore, there is no merits that the petiti ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 15. The petitioner shall deposit a sum of Rs. 20,00,000/. This amount to be deposited by the petitioner shall be either appropriate or refunded to the petitioner subject to the final outcome of the proceedings pursuant to this order. 16. Considering the above, the impugned Assessment Order dated 21.06.2022 and the consequential recovery notice dated 12.07.2023 are quashed and the case is remitted back to the respondent to redo the exercise subject to the petitioner depositing the aforesaid sum of Rs. 20,00,000/- within a period of four weeks from today. 17. Subject to such compliance, the respondent shall redo the exercise and pass appropriate orders within a period of four weeks thereafter. It is made clear if the petitioner fails to compl ..... X X X X Extracts X X X X X X X X Extracts X X X X
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