The Gauhati High Court granted bail in a GST fake invoice case, citing non-compliance with legal procedures, including failure to communicate “reasons to believe” for the arrest.
ITAT Mumbai dismisses revenue’s appeal against Adihemshree Financial, a share trader, on losses incurred from alleged penny stocks. The tribunal cited that the losses were a regular business activity.
Allahabad High Court held that issuing a GST penalty show cause notice in Form DRC-01 instead of DRC-01A is a technical error and not fatal when the assessee disputes the entire liability and no final demand is made.
The Calcutta High Court ruled that a show-cause notice cannot be quashed due to a lack of pre-SCN consultation, but the department must provide a hearing.
The Mumbai ITAT ruled that a tax reassessment on alleged bogus capital gains was invalid, citing the lack of specific incriminating evidence found during the search.
The Delhi ITAT has invalidated an income tax reassessment for bogus LTCG from penny stocks, ruling that the approving authority’s sanction was mechanical.
Bangalore ITAT deletes additions against Global Star Realtors, holding that loose sheets seized from a third party without corroboration cannot justify tax additions.
In Rajeshkumar Shah vs DCIT, ITAT strikes down cash loan & notional interest additions under Section 69 due to lack of corroborating evidence and unreliable witness statements.
TAT Mumbai holds that under Section 56(2)(viib), an assessee may adopt DCF or NAV method, and AO cannot substitute valuation with own estimate.
ITAT Mumbai upheld addition of ₹84.79 lakh as unexplained cash credit, rejecting Section 10(38) LTCG claim on penny stocks in Chitra Mehta’s case.
