Retrospective cancellation of charitable registration under section 12AB(4) was unsustainable; related-party benefit allegations did not prove nongenu...
Merger control notice and disclosure rules: Supreme Court limits penalties, rejects reopening of approved combination, and sets aside adverse findings...
Delayed payment charges linked to stock broking transactions were held not taxable as declared service because the adjudication travelled beyond the show cause notice and, on merits, the charges were compensation for the time value of money advanced by the broker and fell within the negative list relating to interest on loans or advances. The demand for service tax on that component was set aside. Delayed payment charges connected with DEMAT account maintenance were treated differently: they related to non-payment for DEMAT services themselves, were taxable as consideration for tolerating the customer's default, and the demand was sustained together with equal penalty. The extended period and penalty were upheld only to that extent.
Delayed payment charges linked to stock broking transactions were held not taxable as declared service because the adjudication travelled beyond the show cause notice and, on merits, the charges were compensation for the time value of money advanced by the broker and fell within the negative list relating to interest on loans or advances. The demand for service tax on that component was set aside. Delayed payment charges connected with DEMAT account maintenance were treated differently: they related to non-payment for DEMAT services themselves, were taxable as consideration for tolerating the customer's default, and the demand was sustained together with equal penalty. The extended period and penalty were upheld only to that extent.
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