Tax Management India. Com
Law and Practice  :  Digital eBook
Research is most exciting & rewarding


  TMI - Tax Management India. Com
Follow us:
  Facebook   Twitter   Linkedin   Telegram
Service Tax - Highlights / Catch Notes

Home Highlights January 2015 Year 2015 This

Revenue is not correct to treat the chit fund business to fall ...

Service Tax

January 21, 2015

Revenue is not correct to treat the chit fund business to fall within the ambit of asset management as there is subtle difference between “banking and financial services” as defined under the Act and the services of the chit transactions - SC dismissed the Revenue appeal - SC

View Source

 


 

You may also like:

  1. Nature of activity of "chit fund business" - cash management / fund management - the petitioner is not liable to pay service tax before 14.05.2015 - petition allowed.

  2. Nature of activity of "chit fund business" - cash management / fund management - whether classifiable under the category of "banking and other financial services" - No...

  3. Correct head of income - income earned out of sale of property - business income or capital gains - when the asset was converted into stock-in-trade - the assessee has...

  4. Revision u/s 263 - AS 7 - construction of asset - block of asset is not restricted to building machinery plant or furniture but is extended to know-how patents Copyright...

  5. Correct head of income - The same land when assessee in case, decided to continue with the film production, will be used for the assessee’s business as business asset....

  6. Disallowance of excess interest paid - diversion of funds for non-business purposes - It is immaterial how the loan was treated by the Director - as far as the assessee...

  7. Addition u/s 69A - chit fund investment - the CIT(A) observed that being govt. employee, the assessee is not permitted to enter in chit fund. Even before us, the ld. AR...

  8. Correct head of income - letting out of Hotel/Resort as running business - treatment of revenue receipts from operation of Hotel/Resort - Contract for managing the...

  9. Chit fund as not a money lending business - Tribunal treating moneys not paid by the prize chit winners as bad debts ? - relationship of creditor and debtor between the...

  10. Surplus earned on the sale of plot - ‘capital gain‘ OR ‘business income’ - There is no clause in the partnership deed about making investment in the land and to earn...

  11. Tax Incentives to International Financial Services Centre - (i) Time limit for exemption on Transfer of assets of the original fund, or its wholly owned SPV to a...

  12. Capital Gain or business income - surplus on sale of shares and securities - the assessee has maintained distinction between trading assets and nontrading assets and has...

  13. Disallowance of depreciation - no business activity was carried out by the assessee company - The use of individual asset for the purpose of business may be examined...

  14. Addition to capital work-in-progress on account of property - amount of interest - The argument of the availability of shareholders' fund does not apply on loans...

  15. Service Tax Demand - On "Business Support Service": The Tribunal found that the uplinking services provided to broadcasters fall within the ambit of "Business Support...

 

Quick Updates:Latest Updates