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TMI Blog2024 (5) TMI 173X X X X Extracts X X X X X X X X Extracts X X X X ..... sheet and profit and loss account for the year 2017-2018 and thereafter recorded the following conclusion: The reply of the dealer is not acceptable . Thus, the assessing officer has merely recorded a conclusion in the nature of ipse dixit without any reasoning to support such conclusion. Reversal of ITC - HELD THAT:- The assessing officer has recorded the conclusion that ITC was used partly for effecting taxable supplies and partly for effecting exempt supplies. The latter conclusion appears to be clearly contrary to the submissions made by the assessee. As regards tax liability under the head 'sundry creditors', the petitioner/assessee stated that the payments to creditors are below 180 days and Rule 37 was not contravened. It wa ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tates that a show cause notice dated 29.09.2023 was received by him in respect of assessment year 2017- 2018. The said notice set out defects noticed by the audit team under '7' heads. The petitioner replied thereto on 09.10.2023. In spite of such reply, it is stated that the impugned order was issued confirming the entire proposal made in the show cause notice and also imposing penalty equivalent to 10% of the tax levied on the petitioner. The present writ petition was filed in the said facts and circumstances. 3. Learned counsel for the petitioner invited my attention to the show cause notice, the reply dated 09.10.2023 and thereafter to the impugned order. He contended that the impugned order exhibits complete non application of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tax liability of the petitioner under about '7' heads was determined therein. As regards turnover mismatch, the assessing officer set out the particulars provided by the petitioner, recorded that the petitioner had produced the balance sheet and profit and loss account for the year 2017-2018 and thereafter recorded the following conclusion: The reply of the dealer is not acceptable . Thus, the assessing officer has merely recorded a conclusion in the nature of ipse dixit without any reasoning to support such conclusion. 6. As regards reversal of ITC, the petitioner/assessee stated that it had availed ITC and used the same exclusively for taxable and zero-rated supplies. After noticing such submission, the assessing officer has reco ..... X X X X Extracts X X X X X X X X Extracts X X X X
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