Service Tax, Service Tax Law, Service Taxes

Friday | 24 May 2013

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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
Cost Accounting standards Board releases CAS-17 on interest and financing charges
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
Explanations to sec. 65(105)(zzq) and 65(105)(zzzh) are constitutionally valid
Royalty paid to AEs couldn’t be disallowed if assessee was not acting as its contract manufacturer
No TDS under sec. 194H on brokerage paid by an agent to sub-brokers for dealing in securities or mutual funds
Evasion penalty under sec. 78 was not imposable if there was reasonable cause for non-payment of ST
Time-limit under sec. 11B for claiming ST refund isn’t applicable if ST is paid under protest
Overseas principal can set-up services for cross border money transfer to India - RBI
Pre-deposit requirement to be waived off in case of inconsistent stand of revenue to levy service-tax
Investments out of receipts to be disclosed in return due to be filed couldn’t be an undisclosed income

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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

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

Electricity charge recovered from tenant not includible in rent from letting out of an immovable property

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

23-05-2013

ST : When there is inconsistency in stand of revenue in relation to head under which service tax was leviable, requirement of pre-deposit was to be waived