Charitable trust registration requires a specified-violation notice; settled cash deposits and related-party payments did not justify cancellation or ...
External development charges trigger TDS under section 194C, while disputed administrative payments require factual verification and fresh adjudicatio...
Section 270AA penalty immunity requires identified statutory defaults and a hearing before rejection; reassessment disclosure may constitute under-rep...
HC held that while remuneration/commission up to 7% of the gross chit amount received by the foreman is taxable under GST as per Section 21(b) of the Chit Funds Act, 1982, interest and penalty recovered from defaulting subscribers under Section 21(c) are of a different character. Relying on the characterization of chit amounts as loans recoverable as debt, the Court held that such interest/penalty falls within Entry 27 of Notification 12/2017 as exempt interest on loans and cannot be treated as additional service fee. Orders of the AAR and AAAR were quashed and the writ petition was allowed.
HC held that while remuneration/commission up to 7% of the gross chit amount received by the foreman is taxable under GST as per Section 21(b) of the Chit Funds Act, 1982, interest and penalty recovered from defaulting subscribers under Section 21(c) are of a different character. Relying on the characterization of chit amounts as loans recoverable as debt, the Court held that such interest/penalty falls within Entry 27 of Notification 12/2017 as exempt interest on loans and cannot be treated as additional service fee. Orders of the AAR and AAAR were quashed and the writ petition was allowed.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4826 
Join Channel 
