What's the Penalty?
Gross Credits, Net Reality
Your client's gaming wallet shows ₹2.33 crore in gross credits, but he actually lost ₹28 lakh overall once buy-ins are counted. Is the gross figure his taxable income?
Daily Intelligence Capsule — 8 September 2026
Latest EditionLatest Edition — Tuesday, 8 September 2026Lead Briefing
Case Law Watch — Gujarat HC: GST Notice and Order Against a Taxpayer Dead Five Years, Quashed
Case Law
The Gujarat High Court quashed a ₹21.49 lakh GST show cause notice and demand order issued in 2025 against a taxpayer who died in 2020, holding neither can validly be issued to a deceased person. Decided 28 July 2026; surfaced by Finoscape only now (backdated coverage).
Read the briefingCase Law
Supreme Court Quashes ₹425-Crore Customs Penalty Built on AI-Hallucinated Case Law
The Supreme Court has quashed a ₹425.27 crore Customs penalty after finding the adjudicating officer relied on non-existent, fake-cited and AI-hallucinated case law — the third such ruling Finoscape has covered in 2026.
Read: Supreme Court Quashes ₹425-Crore Customs Penalty Built on AI-Hallucinated Case Law57th GST Council Meeting Confirmed for 7 October 2026
Correction to Finoscape's 31 August Article
A formal Office Memorandum from the GST Council Secretariat confirms the 57th GST Council Meeting for 7 October 2026, with the Officers' Meeting on 5–6 October — resolving a scheduling correction Finoscape has tracked since early September.
Read: Correction to Finoscape's 31 August Article