NPCI-based bank account validation for IEC applications and modifications enables real-time validation; incorrect details block submission or trigger ...
Creation/Invocation of pledge of securities through depository system: standardized pledge forms, notice requirement and invocation notifications to p...
Calendar Spread margin benefit for Single Stock Derivatives suspended on expiry day for expiring contracts; exchanges must implement systems and rule ...
Proportionate interest, unexplained credits and partner remuneration disputed; proofs of fund nexus and lender identity were decisive and disallowance...
Capital gains valuation from stamp assessment versus net consideration for residential reinvestment: deemed stamp value replaced for gains but not for...
Reverse charge demands on foreign services were struck down because the notices did not identify the applicable limb of the 2006 Rules, did not specify the taxable service or quantify consideration service-wise, and relied only on consolidated profit and loss figures. The TDS remitted separately to the Income Tax Department for architect services was not part of the taxable value, as service tax had been paid on the gross service charge. Credit on renting of leased premises was allowed because the premises was used as a business godown and for output services, and credit is not confined to registered premises. Extended limitation was unavailable since the dispute arose from audit, suppression was not proved, and the earlier notice could not justify repeated invocation on the same facts.
Reverse charge demands on foreign services were struck down because the notices did not identify the applicable limb of the 2006 Rules, did not specify the taxable service or quantify consideration service-wise, and relied only on consolidated profit and loss figures. The TDS remitted separately to the Income Tax Department for architect services was not part of the taxable value, as service tax had been paid on the gross service charge. Credit on renting of leased premises was allowed because the premises was used as a business godown and for output services, and credit is not confined to registered premises. Extended limitation was unavailable since the dispute arose from audit, suppression was not proved, and the earlier notice could not justify repeated invocation on the same facts.
Note: It is a system-generated summary and is for quick reference only.