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Service Tax - Highlights / Catch Notes

Home Highlights May 2023 Year 2023 This

Disallowance of CENVAT Credit - activity of purchase and sale of ...

Case Laws     Service Tax

May 20, 2023

Disallowance of CENVAT Credit - activity of purchase and sale of units of Mutual Fund Schemes - trading (exempt) services or not - the activity of redemption and subscription of mutual fund is akin to management of investments and not trading in services, it cannot be held as exempted service, for seeking the reversal as per provisions of Rule 6 of CENVAT Credit Rules, 2004. - AT

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  1. Amendment of section 47 - any transfer by a unit holder of a capital asset, being a unit or units, held by him in the consolidating plan of a mutual fund scheme, made in...

  2. Redemption of units of mutual funds - capital gain or business income - the intention for purchase of mutual funds was only for the purpose of investment and held for...

  3. Short term capital gain - sale of units of mutual funds - Article 13(4)/13(5) of DTAA of India-UAE - the gains arising from transfer of units of mutual funds should not...

  4. CENVAT Credit - Transfer of unutilized CENVAT Credit from 1 unit to another - assessee has stopped the manufacturing activity at Unit No. 1 - transfer allowed even if no...

  5. CENVAT Credit - there is inspection, repacking and relabeling of the container from unit to unit container or bulk to unit container - prima facie such activity is...

  6. Wrongly availed Cenvat credit - the activity in question is the activity undertaken by the buyer of the manufacturer that too to ensure his right as he got reserved...

  7. CENVAT Credit - exempted activity or not - trading in mutual funds - The appellant cannot be termed as “service provider” because he only makes an investment in the...

  8. Nature of Income – Mutual funds sold - business income or capital gains - units of mutual funds are not freely transferable nor tradable and thus cannot be categorized...

  9. Interest incurred claimed as a deduction u/s. 57(iii) out of interest earned from mutual funds - In our opinion, unless funds are borrowed for making deposit to earn...

  10. Cenvat Credit - input services - Management Consultancy Services - nexus with manufacturing activity established - credit allowed - HC

  11. Cenvat Credit - input services - receipt of advertisements services for promoting the mutual fund - Availment of credit on brokerage fee - credit allowed as eligible - AT

  12. CENVAT credit - input service - Business Auxiliary Service relating to sales commission - credit allowed - AT

  13. CENVAT Credit - ISD - distribution of input service credit - credit denied on the ground that credit could be distributed by Parle only to its own manufacturing unit...

  14. Cash refund of CENVAT credit - CENVAT credit on inputs cleared as such by the supplier - rejection on the ground that the credit was availed by the EOU unit on the goods...

  15. CENVAT credit - reversal of credit related to trading activity - cenvat credit was not allowable towards trading activity - HC

 

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