Mutual fund maturity rules require proper rollover, redemption, disclosure, and due diligence; investor gains cannot excuse regulatory breaches or pen...
Threshold exemption excludes exempt services, while stamp-paper purchases avoid reverse charge; consequential service tax penalties were also set asid...
Employee conflict disclosures and investment restrictions expand with new recusal duties, post-employment limits, and compliance reporting requirement...
The HC held that the assignment of leasehold rights by the petitioner constitutes a transfer of benefits arising from immovable property and does not amount to a supply of service under Section 7(1)(a) of the Act. Consequently, such transactions fall outside the scope of GST levy under Section 9, as clarified by Clauses 5(b) of Schedule 2 and 5 of Schedule 3 of the Act. The impugned order passed under Section 74 was quashed and set aside, and the petition was allowed, confirming that GST is not applicable on the assignment of leasehold rights in this context.
The HC held that the assignment of leasehold rights by the petitioner constitutes a transfer of benefits arising from immovable property and does not amount to a supply of service under Section 7(1)(a) of the Act. Consequently, such transactions fall outside the scope of GST levy under Section 9, as clarified by Clauses 5(b) of Schedule 2 and 5 of Schedule 3 of the Act. The impugned order passed under Section 74 was quashed and set aside, and the petition was allowed, confirming that GST is not applicable on the assignment of leasehold rights in this context.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 4805
Join Channel
TaxTMI 
