Judgement

ITAT Mumbai upheld the investor’s Rs. 8.79 crore capital gain as genuine, rejecting the Revenue’s penny stock allegation for lack of evidence.

ITAT Mumbai Upholds Rs. 8.79 Crore Share Gain as Genuine, Rejects Bogus Penny Stock Allegation

The court observed that neither the revenue nor the Appellate Authority have mentioned any findings against the petitioner, which shows that the petitioner has claimed ITC by reason of fraud, misstatement, or suppression of fact.

GST: Clear Evidence of Fraud Required for Section 74 Action

News

The Income Tax Department is using AI to detect mismatches between declared income and actual bank activity.

Income Tax Department Flags Bank Accounts with Large Savings but low spendings

The Allahabad High Court ruled that tax authorities cannot invoke Section 130 of the GST Act for excess stock found during a survey and must proceed under Sections 73 or 74 instead.

Goods cannot be conficated under GST Law if Excess Stock is Found During Survey: HC

SC ruled that a suit for specific performance is not maintainable unless the plaintiff seeks a declaration that termination of the Agreement to Sell is invalid

Supreme Court: No Specific Performance Without Challenging Termination of Sale Agreement

The AAR held that liquidated damages are just a flow of money from one party for breach of the contract, to compensate the other party for the loss, and such payments do not constitute a supply.

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ITAT Mumbai Upholds Rs. 8.79 Crore Share Gain as Genuine, Rejects Bogus Penny Stock Allegation

GST: Clear Evidence of Fraud Required for Section 74 Action

Income Tax Department Flags Bank Accounts with Large Savings but low spendings

Goods cannot be conficated under GST Law if Excess Stock is Found During Survey: HC

Supreme Court: No Specific Performance Without Challenging Termination of Sale Agreement

Liquidated Damages Do Not Constitute Supply Under GST: AAR