Current account treatment of overseas tournament services removed most FEMA findings, but excess EEFC remittance and delayed repatriation remained bre...
Modification of bail conditions remains available through inherent jurisdiction where onerous deposits undermine justice and cannot recover disputed d...
Merchant banker regulation consolidates registration, governance, capital, reporting, outsourcing and investor-protection requirements under an update...
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 
of 4792
Join Channel
TaxTMI 
