Reversed itc last year can reclaim same itc current year

This discussion explores whether a business can reclaim Input Tax Credit (ITC) that was mistakenly reversed in a previous financial year. While some advise that ITC reversed due to non-payment to a supplier can be reclaimed upon payment, others suggest it's not possible to claim the same ITC for the current year if it was reversed in the previous one. The applicability of Section 16(4) time limits is also debated in cases where ITC was reversed as per the proviso to Section 16(2).