Specified regulatory authority income receives conditional tax exemption, subject to non-commercial activity, unchanged income character, and return f...
Tax exemption for regulatory authority income applies retrospectively, subject to non-commercial activity, unchanged income sources, and return-filing...
Input tax credit conditions remain constitutionally valid, with eligible recipient claims considered under GST circulars and retrospective filing dead...
Bogus donation receipts justified commission income assessment and defeated political-party tax exemption for inaccurate accounts and reporting failur...
Pure reimbursement without income element escapes tax withholding, while delayed withholding and unsupported provisions face deferred or renewed scrut...
Public benefit requirement defeats charitable registration where residents' association services are reciprocal, member-only facilities governed by mu...
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.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 4801
Join Channel
TaxTMI 
