Business expenditure and depreciation rules allow operational outgoings while limiting disallowances for personal elements and unsupported third-party...
Compromise-and-arrangement extensions may accommodate debt assignment where creditor commercial judgment supports value maximisation and avoids proced...
Delayed-payment surcharge is not taxable tolerance consideration where it penalises default, while meter testing follows electricity distribution trea...
Sufficient cause for delayed revenue income-tax appeals requires bona fides, due diligence and a credible explanation; otherwise limitation bars appea...
Late-payment charges received as interest for delayed payment for industrial-gas supplies lack the consideration necessary for a service or declared service when they are compensatory damages in nature. Describing such charges as interest does not convert them into consideration for a taxable declared service. Service-tax demand on these late-payment charges was therefore unsustainable, and the impugned order was set aside.
Late-payment charges received as interest for delayed payment for industrial-gas supplies lack the consideration necessary for a service or declared service when they are compensatory damages in nature. Describing such charges as interest does not convert them into consideration for a taxable declared service. Service-tax demand on these late-payment charges was therefore unsustainable, and the impugned order was set aside.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4915 
