Opportunity to respond to jurisdictional reports is mandatory before customs settlement duty enhancement; connected applications require consistent ad...
Specific customs headings for scaffolding components prevail over general classification, invalidating misclassification proceedings and enabling with...
Liquidator appointment under Section 34 requires consideration of creditor recommendations, valid professional authorisation, and preservation of vali...
Income-tax exemption for specified regulatory fees and government grants applies subject to non-commercial activity and continuing compliance conditio...
Digital accessibility audit and remediation deadlines extended, while all other disability-compliance obligations for regulated entities remain unchan...
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The case involved a dispute regarding the applicability of service tax on corporate guarantee fees u/s 65(12)(a)(ix) of the Finance Act. The tribunal held that providing a corporate guarantee does not constitute Banking and Other Financial Services (BOFS) and is not related to lending activity. Citing precedents, the tribunal concluded that the corporate guarantee does not fall within the ambit of lending activity. The demand for service tax u/s reverse charge mechanism prior to 01.07.2012 was set aside as corporate guarantee does not qualify as BOFS. For the period post 01.07.2012, since the appellant had already paid the tax liability, it cannot be demanded again. The tribunal also found that the invocation of the extended period was unjustified as there was no evidence of mala fide intention to evade payment. Consequently, the demand for the period from 2009-2010 to 1st July 2012 was set aside, and the appeal was allowed.
The case involved a dispute regarding the applicability of service tax on corporate guarantee fees u/s 65(12)(a)(ix) of the Finance Act. The tribunal held that providing a corporate guarantee does not constitute Banking and Other Financial Services (BOFS) and is not related to lending activity. Citing precedents, the tribunal concluded that the corporate guarantee does not fall within the ambit of lending activity. The demand for service tax u/s reverse charge mechanism prior to 01.07.2012 was set aside as corporate guarantee does not qualify as BOFS. For the period post 01.07.2012, since the appellant had already paid the tax liability, it cannot be demanded again. The tribunal also found that the invocation of the extended period was unjustified as there was no evidence of mala fide intention to evade payment. Consequently, the demand for the period from 2009-2010 to 1st July 2012 was set aside, and the appeal was allowed.
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