Omitted specified domestic transaction provision invalidates related-party expenditure transfer-pricing references and assessments based on consequent...
Preventive suspension requires an immediate continuing threat and cannot become indefinite without inquiry, fresh evidence, or proportionate safeguard...
CENVAT credit attributable exclusively to trading is...
CENVAT credit for trading requires reversal, while taxable-service rental credit remains proportionately available and limitation issues await resolution.
Contents
Summary
Note
Bookmark
Share
✓ Copied successfully !
Print
Print Options
For full text, please login
Login to TaxTMI
Verification Pending
The Email Id has not been verified. Click on the link we have sent on
CENVAT credit attributable exclusively to trading is inadmissible because trading is not an eligible output activity. Common input-service credit used for trading and taxable output services requires reasonable reversal, with the rule 6(3D)(c) formula proposed for quantification even before trading was expressly included as an exempted service. Proportionate credit on rented premises remains available where evidence establishes use for taxable services; a landlord's service-tax default does not by itself defeat that credit. Short-payment demands based on discrepancies between service-tax and income-tax returns require proof of deliberate intent to evade for extended limitation. Conflicting views remain on whether trading-related credit permits invocation of the extended period and consequential penalties, requiring Third Member determination.
CENVAT credit attributable exclusively to trading is inadmissible because trading is not an eligible output activity. Common input-service credit used for trading and taxable output services requires reasonable reversal, with the rule 6(3D)(c) formula proposed for quantification even before trading was expressly included as an exempted service. Proportionate credit on rented premises remains available where evidence establishes use for taxable services; a landlord's service-tax default does not by itself defeat that credit. Short-payment demands based on discrepancies between service-tax and income-tax returns require proof of deliberate intent to evade for extended limitation. Conflicting views remain on whether trading-related credit permits invocation of the extended period and consequential penalties, requiring Third Member determination.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 4790
Join Channel
TaxTMI 
