Blocked input tax credit for resort construction remains unavailable; interest follows actual utilisation, while delayed payment attracts statutory pe...
Duplicate PAN allocation requires record verification and deactivation reasons before assessment-related transactions can be attributed to an assessee...
Faceless assessment safeguards require requested personal hearings and adequate final show-cause response time, failing which reassessment is required...
Intermediary service classification does not apply to loan origination, credit assessment, structuring, disbursement and loan-management activities performed by an Indian bank office for its Singapore head office where both form the same legal person. The arrangement lacks the required three distinct parties, identifiable main and ancillary supplies, and remuneration linked to the external lending service. The Indian office performs principal functions on its own account, while the head office alone enters into and makes final decisions on external commercial borrowing arrangements. The activities are therefore not liable to service tax as intermediary services, rendering the related demand and penalties unsustainable.
Intermediary service classification does not apply to loan origination, credit assessment, structuring, disbursement and loan-management activities performed by an Indian bank office for its Singapore head office where both form the same legal person. The arrangement lacks the required three distinct parties, identifiable main and ancillary supplies, and remuneration linked to the external lending service. The Indian office performs principal functions on its own account, while the head office alone enters into and makes final decisions on external commercial borrowing arrangements. The activities are therefore not liable to service tax as intermediary services, rendering the related demand and penalties unsustainable.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
