The case revolves around the department's demand to reverse the Input Tax Credit (ITC) claimed by the company. This demand was based on the GST owed by its supplier not being reflected in the relevant form.

The Income Tax Department is contemplating filing an appeal in the Supreme Court. The process for filing the appeal is in its final stages, and expert opinions are being sought, as per the source.

This decision is welcomed as it will benefit taxpayers facing belated reassessment proceedings involving undisclosed income of less than Rs.50 lakh.