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...
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Club or association service did not apply where a builder-developer provided clubhouse and residential amenities as part of the sale of flats, so those collections were not taxable under that category. Electricity recovered unit-wise and remitted to the utility, and the additional backup power charge, could not be taxed as management, maintenance or repair service without evidence that it represented repair consideration. By contrast, interest earned on maintenance deposits, and deposits appropriated toward maintenance charges under the contractual arrangement, were treated as consideration for maintenance and repair service; the related demand, interest, penalty, and extended limitation were sustained.
Club or association service did not apply where a builder-developer provided clubhouse and residential amenities as part of the sale of flats, so those collections were not taxable under that category. Electricity recovered unit-wise and remitted to the utility, and the additional backup power charge, could not be taxed as management, maintenance or repair service without evidence that it represented repair consideration. By contrast, interest earned on maintenance deposits, and deposits appropriated toward maintenance charges under the contractual arrangement, were treated as consideration for maintenance and repair service; the related demand, interest, penalty, and extended limitation were sustained.
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