Fair-rent assessment requires consideration of lease terms, valuation principles and prevailing market rent; the certificate was quashed for fresh rev...
Document Identification Number compliance is satisfied when electronically communicated orders are promptly authenticated through a correctly identifi...
Industrial shrimp-feed machinery classification follows its commercial function, placing integrated production plants under the specific industrial fo...
CESTAT partially allowed the appeal. It held that VOSTRO-related commissions constituted export of services where payment was received in convertible foreign exchange and recipients lacked an Indian business establishment; demands for service tax on VOSTRO transactions for 01.04.2012-30.06.2012 and for the post-negative list period (through 31.03.2013) were set aside. Conversely, charges paid to SWIFT were held to be import of services falling within "banking and other financial services," and the service-tax demand in respect of SWIFT charges was sustained. Penalties relating to SWIFT were remitted under Section 80 of the Finance Act, 1994, on the ground of reasonable cause.
CESTAT partially allowed the appeal. It held that VOSTRO-related commissions constituted export of services where payment was received in convertible foreign exchange and recipients lacked an Indian business establishment; demands for service tax on VOSTRO transactions for 01.04.2012-30.06.2012 and for the post-negative list period (through 31.03.2013) were set aside. Conversely, charges paid to SWIFT were held to be import of services falling within "banking and other financial services," and the service-tax demand in respect of SWIFT charges was sustained. Penalties relating to SWIFT were remitted under Section 80 of the Finance Act, 1994, on the ground of reasonable cause.
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