Patent-settlement expenditure treated as commercially expedient revenue outlay, with foreign-law restrictions inapplicable before the prospective amen...
International transaction benchmarking restricts transfer pricing adjustments to associated-enterprise dealings, while functional comparability govern...
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The appellant was liable to pay service tax on banking and financial services, but their failure to do so was not willful or deliberate. The non-disclosure of certain assessable items does not attract the extended period of limitation under the proviso to Section 73 of the Finance Act, 1994. No penalty is imposable on the appellant, but they must pay interest on the belated payment of tax u/s 75 of the Finance Act, 1994. The High Court partially allowed the appeal, holding that no penalty is payable by the appellant under any provisions of the Act, but they must pay interest on the belated tax payment.
The appellant was liable to pay service tax on banking and financial services, but their failure to do so was not willful or deliberate. The non-disclosure of certain assessable items does not attract the extended period of limitation under the proviso to Section 73 of the Finance Act, 1994. No penalty is imposable on the appellant, but they must pay interest on the belated payment of tax u/s 75 of the Finance Act, 1994. The High Court partially allowed the appeal, holding that no penalty is payable by the appellant under any provisions of the Act, but they must pay interest on the belated tax payment.
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