Current account treatment of overseas tournament services removed most FEMA findings, but excess EEFC remittance and delayed repatriation remained bre...
Modification of bail conditions remains available through inherent jurisdiction where onerous deposits undermine justice and cannot recover disputed d...
Merchant banker regulation consolidates registration, governance, capital, reporting, outsourcing and investor-protection requirements under an update...
Service tax demand based solely on Form 26AS was unsustainable because taxability had to be determined from the statute, relevant records and exemption materials, not inferred from third-party information. The Court held that the authorities failed to examine the plea that the receipts related to government works contracts covered by exemption and therefore did not establish any taxable liability under the Finance Act, 1994. It also held that the extended limitation period could be invoked only on the statutory grounds of fraud, suppression or intent to evade, none of which were properly found. The writ petition was maintainable despite an alternative appeal remedy because the impugned proceedings suffered from jurisdictional error and patent legal infirmity, and the demand, interest and penalty were quashed.
Service tax demand based solely on Form 26AS was unsustainable because taxability had to be determined from the statute, relevant records and exemption materials, not inferred from third-party information. The Court held that the authorities failed to examine the plea that the receipts related to government works contracts covered by exemption and therefore did not establish any taxable liability under the Finance Act, 1994. It also held that the extended limitation period could be invoked only on the statutory grounds of fraud, suppression or intent to evade, none of which were properly found. The writ petition was maintainable despite an alternative appeal remedy because the impugned proceedings suffered from jurisdictional error and patent legal infirmity, and the demand, interest and penalty were quashed.
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