Defined public benefit can retain charitable character; registration renewal requires examining genuine activities and legal compliance, not surplus a...
Capital reduction is distinct from share buy-back, preventing buy-back tax; restructuring interest and related business deductions also survive scruti...
Transfer pricing and tax deductions upheld on established principles, while employee contributions and warranty provisions returned for fresh examinat...
Captive transfer pricing relies on industrial consumer tariffs, while genuine quotations can benchmark effluent treatment transfers under the Other Me...
Specific tariff classification for ophthalmic instruments and extended limitation principles determine the treatment of duty demands, confiscation, an...
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The case pertains to service tax liability arising from the sale/transfer of a business as a going concern by way of slump sale under the Income Tax Act, 1961. The issue was whether such transfer qualifies for exemption from service tax under Sr. No. 37 of Notification No. 25/2012-ST. The appellant had transferred an exclusive part of their software development business, which was earlier providing software solutions exclusively for the buyer (M/s ZeroChaos Workforce Solutions Private Limited), as a going concern. The Revenue denied the exemption, contending that the transferred business was not an independent part of the appellant's overall business. However, the CESTAT held that since the appellant had transferred an exclusive part of their business to the transferee, which they were not continuing after the transfer, it qualified as an "independent part thereof" under the exemption entry. Consequently, the appellant was entitled to exemption from service tax under Sr. No. 37 of Notification No. 25/2012-ST for the transfer of business as a going concern by way of slump sale.
The case pertains to service tax liability arising from the sale/transfer of a business as a going concern by way of slump sale under the Income Tax Act, 1961. The issue was whether such transfer qualifies for exemption from service tax under Sr. No. 37 of Notification No. 25/2012-ST. The appellant had transferred an exclusive part of their software development business, which was earlier providing software solutions exclusively for the buyer (M/s ZeroChaos Workforce Solutions Private Limited), as a going concern. The Revenue denied the exemption, contending that the transferred business was not an independent part of the appellant's overall business. However, the CESTAT held that since the appellant had transferred an exclusive part of their business to the transferee, which they were not continuing after the transfer, it qualified as an "independent part thereof" under the exemption entry. Consequently, the appellant was entitled to exemption from service tax under Sr. No. 37 of Notification No. 25/2012-ST for the transfer of business as a going concern by way of slump sale.
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