There is no dispute that the respondent has paid an amount as Service Tax liability on the income received from the non-members, working backwards the Service Tax liability. I find that the adjudicating authority, as correctly pointed out by the ld. Counsel, has recorded a factual finding that the respondent has not charged Service Tax on any of the amount which has been charged by him to the non-members. Both the lower authorities have correctly held that the respondent is not liable to discharge the Service Tax liability on the non-members under the category of Club & Association Services.
Section 54 and 54F apply under different situations. While sec. 54 applies to long term capital gain arising out of transfer of long term capital asset being a residential house, sec. 54F applies to long term capital gain arising out of transfer of any long term capital asset other than a residential house. However the condition for availing exemption under both the sections is purchase or construction of a new residential house within the stipulated period.
Review of Offer for Sale (OFS) through stock exchange mechanism. – The Board noted that the OFS mechanism has been found to be useful by market participants and popular for offloading shares of promoters in listed companies in order to achieve minimum public shareholding.
It would be relevant to mention here that the trust was formed on 11-1-2012, the application for registration under section 12AA was submitted by the appellant on 27-3-2012, i.e., within a period of three months of its creation. The school activities started in June, 2012. The appellant submitted its books of account up to September, 2012 before the Commissioner. The Commissioner, after examining the statement of accounts, for such a short period formed its opinion that the activities of trust were not charitable in nature. The Commissioner did not raise any objection on the objects of the trust. It was premature for the Commissioner to judge the activities of the trust by just glancing through the statement of accounts of the trust of such a short period.
It is the contention of the assessee that since the income earned by him from M/s Vijaya Diagnostic Centre Pvt. Limited has been treated as salary, the assessee is not obliged under the Act to pay advance-tax as provided u/s 208 of the Act. The assessee has also contended that as per the provisions of section 192 of the Act in case of payment of salary the entire tax payable has to be deducted by the employer at the time of payment of salary.
