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...
Authentication of paper assessment orders upheld, while qualifying repairs, consumables and vendor advance write-offs remain deductible business claim...
Equipment-hiring arrangements were treated as a transfer of the right to use goods because effective control and possession of the equipment passed to customers during the contract period. The Tribunal relied on the contractual allocation of custody, risk, indemnity and restrictions on the supplier's use or withdrawal of the equipment, and held that maintenance, consumables or provision of operators did not negate transfer of control where operational liability rested with the customer. VAT payment was also treated as a relevant indicator of deemed sale. The transactions therefore fell outside service tax as supply of tangible goods for use, and the related demands, interest and penalties were set aside.
Equipment-hiring arrangements were treated as a transfer of the right to use goods because effective control and possession of the equipment passed to customers during the contract period. The Tribunal relied on the contractual allocation of custody, risk, indemnity and restrictions on the supplier's use or withdrawal of the equipment, and held that maintenance, consumables or provision of operators did not negate transfer of control where operational liability rested with the customer. VAT payment was also treated as a relevant indicator of deemed sale. The transactions therefore fell outside service tax as supply of tangible goods for use, and the related demands, interest and penalties were set aside.
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