Regulatory consolidation for investment advisers: SEBI issues master circular consolidating guidance and prescribing compliance, reporting, fees and s...
Reopening of assessment cannot rest solely on an audit party's opinion; reassessment under Section 147/148 is impermissible and power of revision shou...
Tested party selection: functional analysis identified the least complex unit as the appropriate tested party, altering the transfer pricing adjustmen...
Service tax demand based on third-party income-tax data was contested on exemption and limitation. The services related to construction of a single residential unit under an agreement for construction with material, which fell within the exemption under Notification No. 25/2012-ST; consequently, no service tax was payable. Independently, the agreement evidenced a bona fide belief of non-taxability, and in the absence of suppression or wilful misstatement with intent to evade, the extended period could not be invoked; hence the demand was time-barred. The impugned order was set aside and the appeal was allowed. - CESTAT
Service tax demand based on third-party income-tax data was contested on exemption and limitation. The services related to construction of a single residential unit under an agreement for construction with material, which fell within the exemption under Notification No. 25/2012-ST; consequently, no service tax was payable. Independently, the agreement evidenced a bona fide belief of non-taxability, and in the absence of suppression or wilful misstatement with intent to evade, the extended period could not be invoked; hence the demand was time-barred. The impugned order was set aside and the appeal was allowed. - CESTAT
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