Prospective sugar export prohibition required registered letters of credit; private contracts and export quotas created no enforceable continuation ri...
Retroactive interim-moratorium exclusion permits protective asset disclosure and preservation measures against personal guarantors pending arbitration...
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.
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