Limitation for final assessment under sections 144C and 153 treated jointly, resulting in quashing of timebarred assessment order and liberty to reviv...
Deductibility of settlement payments for securities law penalties and treatment of unexplained cash credits in share trading -- Tribunal upholds posit...
Threshold for allottee-initiated insolvency petitions in leasehold real estate upheld; petition admitted after possession letters deemed legally ineff...
Contravention of foreign exchange rules in crossborder diamond payments; appellate tribunal reduces one appellant's penalty for delay and proportional...
Service tax liability of a mutual fund sub-distributor was held to arise from the status of the service provider: the reverse charge notification applied to services provided by a distributor to the mutual fund, not to a sub-distributor rendering Business Auxiliary Service to the distributor. Receipts from the cooperative bank were also treated as taxable consideration because wages alone did not prove an employer-employee relationship and no employment contract was produced. The Tribunal further upheld extended limitation and penalty under section 78, finding no material basis for bona fide belief or delayed registration. Penalties under sections 77(1)(c) and 77(2) were sustained for failure to furnish information and file ST-3 returns.
Service tax liability of a mutual fund sub-distributor was held to arise from the status of the service provider: the reverse charge notification applied to services provided by a distributor to the mutual fund, not to a sub-distributor rendering Business Auxiliary Service to the distributor. Receipts from the cooperative bank were also treated as taxable consideration because wages alone did not prove an employer-employee relationship and no employment contract was produced. The Tribunal further upheld extended limitation and penalty under section 78, finding no material basis for bona fide belief or delayed registration. Penalties under sections 77(1)(c) and 77(2) were sustained for failure to furnish information and file ST-3 returns.
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