Bank could not withhold the original documents of the mortgage property in question for another dues under PMMY scheme, once assessee had repaid the loan as the financial assistance advanced by bank under PMMY Scheme was advanced without any collateral security.
Service tax had to be levied only for consideration received for service, therefore, the entire demand of service tax on reimbursable expenses collected from clients for the period post 1.5.2006 was set aside. However, to the extent assessee had collected any amount representing service tax on such expenses and interest thereon from clients, the same need to be deposited with the Government in terms of Section 73A of the Finance Act.
Filling of Income Tax Return is mandatory in following cases: ♣ The exemption limit for a normal taxpayer is ₹ 2.5 lakhs, ₹ 3 lakhs for senior citizens, and ₹ 5 lakhs for super senior citizens. Filling of ITR is mandatory, if taxable income exceeding the exemption limit. ♣ Individual owning assets outside India and […]
Indian Oil Corporation Limited Vs Commissioner of Central Excise & GST (Madras High Court) Facts- Exemption claimed by the petitioner was rejected. Thereafter, the petitioner sought settlement of dispute under the Sabka Viswas (Legacy Dispute Resolution) Scheme, 2019. However, revenue argued that lubricant figures in 4th schedule of the Act and such goods are expressly […]
Sunil Tandon Vs Union of India (Delhi High Court) Conclusion: Writ petition was not maintainable on account of the alternative statutory remedies available to assessee before NCLT/ NCLAT . Held: Assessee approached High Court on the ground that under the proviso to Section 241(2), it was only the Principal Bench of NCLT at Delhi which […]
In the said case, the Hon’ble High Court rejected appeal of Revenue and have observed that deduction under Section 36 would be available to the assesse as the business undertaken by the assesse could not be termed as extension of its business.
