Co-operative credit society deduction on bank deposit interest upheld where funds were business funds and income remained attributable to member credi...
Transfer pricing benchmarking and receivables adjustments remanded: segmental financials need proper scrutiny, and foreign-currency interest must trac...
Where a taxpayer collected service tax but filed nil returns and failed to deposit amounts with the exchequer, the text treats such suppression of facts and documents as establishing intent to evade tax, justifying denial of CENVAT credit for lack of documentation and lack of clean hands. It treats invocation of the extended limitation period as appropriate where suppression occurred and supports imposition of penalties for non-payment by suppression; interest liability on collected-but-not-deposited tax is endorsed. Reliance on bona fide belief defenses is rejected where tax was collected and not remitted.
Where a taxpayer collected service tax but filed nil returns and failed to deposit amounts with the exchequer, the text treats such suppression of facts and documents as establishing intent to evade tax, justifying denial of CENVAT credit for lack of documentation and lack of clean hands. It treats invocation of the extended limitation period as appropriate where suppression occurred and supports imposition of penalties for non-payment by suppression; interest liability on collected-but-not-deposited tax is endorsed. Reliance on bona fide belief defenses is rejected where tax was collected and not remitted.
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