Service Tax, Service Tax Law, Service Taxes

Saturday | 25 May 2013

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Appeal to be restored if predeposits were delayed due to questioning by assessee of such requirements
Jobbing transaction during course of business isn’t speculative; its loss can be set off against other income
Loss incurred by FII from transaction in derivatives is a capital loss and not business loss
Cost Accounting standards Board releases CAS-17 on interest and financing charges
Cost Accounting standards Board releases CAS-16 on depreciation and amortization
While raising demand for sec. 220 interest, CIT to consider circumstances which may reduce or waive off the interest
No ad hoc disallowance under sec. 14A if no exp. were incurred by assessee to earn exempt income
CIT can’t exercise revisionary power if order isn’t found to be prejudicial to revenue
HC directs ITAT to condone the delay as assessee repeatedly attempted to file appeal which caused such delay
Penalty not to be imposed if credit reversed by assessee was admissible
Concealment penalty upheld as return was not filed by assessee despite having taxable income
Interest paid on borrowings undertaken for expansion of existing plant is an allowable exp.
Cenvat credit taken on goods used for private purposes needs to be reversed
SEBI provides for mandatory audit of algorithmic trading system after every six months
Mere rejection of books of account doesn't mean compulsorily additions to returned income
Explanation 3 to sec. 43(1) isn't applicable if transaction to buy asset is genuine and not among related persons
Order without opportunity of personal hearing isn’t valid even if assessee is allowed to file written submission

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Appeal to be restored if predeposits were delayed due to questioning by assessee of such requirements

25-05-2013

ST : Where assessee questions very requirement of pre-deposit condition imposed by Tribunal and, after losing such battle, makes pre-deposit years after...

Cenvat credit taken on goods used for private purposes needs to be reversed

24-05-2013

ST/ECJ : In case of private use of goods in respect of which input credit was taken, department may seek reversal of credit

Evasion penalty under sec. 78 was not imposable if there was reasonable cause for non-payment of ST

24-05-2013

ST : Where, in view of reasonable cause for failure to pay service tax, section 80 has been applied to set aside penalty under section 76, no penalty can...

Pre-deposit requirement to be waived off in case of inconsistent stand of revenue to levy service-tax

Cenvat credit to be reversed on capital goods used for private purposes on closure of business

Bundled services under Negative Service Tax Regime

Hiring of buses does not amount to ‘rent-a-cab’ service

Procurement of an order for clients is covered under ‘Business Auxiliary Services’

Repair or restoration of goods belonging to customer amounts to 'job-work services'

Deliberate non-payment of ST warrants invocation of extended period to recover ST dues

Penalty not to be imposed if credit reversed by assessee was admissible

24-05-2013

ST : When there are decisions taking a view that services for maintenance of windmill are eligible for input service credit, no penalty could be levied...

Explanations to sec. 65(105)(zzq) and 65(105)(zzzh) are constitutionally valid

24-05-2013

ST : Section 65(105)(zzzzu) Explanations inserted below Section 65(105)(zzq) and 65(105)(zzzh) are constitutionally valid, as they do not amount to tax on...

Time-limit under sec. 11B for claiming ST refund isn’t applicable if ST is paid under protest

23-05-2013

ST : Time-limit of section 11B of Central Excise Act, 1944 for claiming refund doesn't apply in case service tax was disputed and was paid under protest