Infrastructure-development deduction remains available to EPC contractors when substantive statutory conditions outweigh contractor labels in agreemen...
Explained Investment Sources: documented gifts and traceable salary savings supported deletion of additions for property and mutual-fund SIP investmen...
Internal comparable pricing supports arm's-length interest on compulsorily convertible debentures, preventing their recharacterisation as equity for t...
Nominee director protection shields independent financial-institution appointees from criminal liability where they lack involvement in deposit defaul...
The appellant's activity of subscription and redemption of mutual fund units cannot be considered as trading of securities, thus not qualifying as an exempted service u/s 66D(e) of the Finance Act. Additionally, investment in mutual funds does not constitute a 'service' u/s 65B(44) of the Finance Act, as there is no service provider rendering a service to a recipient for consideration. Consequently, proportionate reversal of CENVAT credit availed on common input services was not required. The extended period of limitation invoked by the department was unjustified, as the responsibility to scrutinize returns and make correct assessments lies with the officer. The impugned order was set aside, and the appeal was allowed.
The appellant's activity of subscription and redemption of mutual fund units cannot be considered as trading of securities, thus not qualifying as an exempted service u/s 66D(e) of the Finance Act. Additionally, investment in mutual funds does not constitute a 'service' u/s 65B(44) of the Finance Act, as there is no service provider rendering a service to a recipient for consideration. Consequently, proportionate reversal of CENVAT credit availed on common input services was not required. The extended period of limitation invoked by the department was unjustified, as the responsibility to scrutinize returns and make correct assessments lies with the officer. The impugned order was set aside, and the appeal was allowed.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4881 
