GSTAT Deletes Rs 3.43 Crore Demand Against Technocraft Ventures After Tax Authorities Fail to Prove Fraud or Suppression:

Technocraft Ventures Limited has informed the National Stock Exchange of India Limited (NSE) and Bombay Stock Exchange Limited (BSE) that the Additional Commissioner, Central Goods and Services Tax (Appeals), Meerut, vide Order-in-Appeal No. GZB/CGST/000/APPLMRT/GZB/932/2026-27 dated October 19, 2026, has allowed its appeal filed challenging an Order-in-Original No. 17/CGST/Div-VI/2025-26, passed by the Assistant Commissioner, CGST, Division-VI, Ghaziabad, on December 10, 2025.

The company had disclosed every detail about the aforementioned tax proceedings ongoing against it to the stock exchanges vide an intimation dated August 12, 2026. The present intimation dated November 02, 2026, under Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, has further informed about the progress in the proceedings.

The company has disclosed that the Appellate Authority has allowed its appeal. The dispute began with the issuance of a Show Cause Notice (SCN) proposing an aggregate demand of Rs 3.43 crore comprising a tax of 1.71 crore, CGST, SGST and IGST, along with an equivalent penalty of Rs 1.71 crore, in addition to applicable interest, under Section 74 of the CGST Act, 2017. When challenged, the proposed demand was confirmed by the adjudicating authority.

Thereafter, the company approached the GST Appellate Tribunal by filing an appeal on March 9, 2026. The GSTAT, after considering the submissions made by the company, allowed its appeal after noting that the tax authority had failed to prove that the company was engaged in any fraud, wilful misstatement or suppression of facts with intent to evade tax, as mandatory under Section 74 of the CGST Act, 2017. It was further noted that the proceedings initiated against the company were barred by limitation under Section 73 of the CGST Act, 2017.

Consequently, no demand is pending against the company, as its appeal is allowed. The company further informed that a copy of the relief order was also uploaded on the GST portal on November 2, 2026.