Faceless assessment safeguards require requested personal hearings and adequate final show-cause response time, failing which reassessment is required...
Embezzlement losses in charitable institutions remain allowable when misappropriation is established, irrecoverable, and not a specified-person benefi...
National long-distance undertaking status supports deduction where separately licensed infrastructure, resources, revenue, and expenditure establish c...
Agency reimbursement income follows contractual deposit-liability computation, while pending deposit collections do not constitute deemed-dividend loa...
Appellant is a juridical person or not - Appellant can be treated as a “trust” or not - service provided to contributories or not - The High Court found that the assessee acts as a ‘pass through’, wherein funds from contributors are consolidated and invested by the investment manager. It acts as a trustee holding the money belonging to contributors to be invested as per the advice of the investment manager - The HC further held that, It is not in dispute that contributors are institutional investors. It is noted that doctrine of mutuality applies when commonality is established between the contributors and participators - In the instant case, the contributors and the trust cannot be dissected as two different entities. - Applying the doctrine of mutuality, demand of service tax set aside.
Appellant is a juridical person or not - Appellant can be treated as a “trust” or not - service provided to contributories or not - The High Court found that the assessee acts as a ‘pass through’, wherein funds from contributors are consolidated and invested by the investment manager. It acts as a trustee holding the money belonging to contributors to be invested as per the advice of the investment manager - The HC further held that, It is not in dispute that contributors are institutional investors. It is noted that doctrine of mutuality applies when commonality is established between the contributors and participators - In the instant case, the contributors and the trust cannot be dissected as two different entities. - Applying the doctrine of mutuality, demand of service tax set aside.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4884 
