Attachment and proclamation of sale of immovable property: limitation treated from financial year end; proclamation held within period, petition dismi...
Second Schedule attachment and validity of a post-notice mortgage: TRO cannot declare mortgage void ab initio; sale and appropriation allowed thereaft...
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...
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Service tax could not be levied on notional interest attributed to a refundable security deposit, because taxable value under section 67 is limited to the consideration actually charged for the service. The Tribunal followed its earlier decision in the assessee's own case and held that a separately refundable deposit does not become taxable consideration merely by imputing a notional return on it. In the absence of any legal basis to include such notional interest in the value of service, the demand was unsustainable. The impugned order was set aside and the appeal was allowed.
Service tax could not be levied on notional interest attributed to a refundable security deposit, because taxable value under section 67 is limited to the consideration actually charged for the service. The Tribunal followed its earlier decision in the assessee's own case and held that a separately refundable deposit does not become taxable consideration merely by imputing a notional return on it. In the absence of any legal basis to include such notional interest in the value of service, the demand was unsustainable. The impugned order was set aside and the appeal was allowed.
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