Home Highlights November 2014 Year 2014 This

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1. Levy of service tax - body corporate - interest income under the head “Lease and Equipment Finance Income” - interest income-rental - interest income-funding - The...

2. The hire charges received by the assessee under the hire purchase agreement is an interest on loan and liable to tax under Interest Tax Act, 1974 - HC

3. Classification of services - Banking and other Financial Services or not - Since the basic function of the appellant is to construct the houses and then to sell it...

4. Hire purchase agreement - applicant argued that hire purchase transactions are essentially financial services and are not subject to sales tax - argument rejected - HC

5. Interest charges by HDFC Bank Ltd on loans are an inward supply of exempted services for the applicant. As per Notification No. 12/2017-Central Tax (Rate), services by...

6. Levy of service tax - banking and other financial services - premium on interest restructuring of loan as interest on loans - It is not possible to accept the contention...

7. Classification of services - Banking and other Financial Services or otherwise? - CESTAT has returned a clear finding that hire purchase is but loan and that hirer...

8. Demand of service tax on the interest earned from hire purchase finance transactions. - The Tribunal observes that the ownership of the goods remains with the customers,...

9. Levy of IGST - credit card services - interest component of the Equated Monthly Instalments (EMI) of the loan granted by the respondent Bank on credit card - he services...

10. Addition u/s 37(1) - disallowing interest provided on loan - loan was used to purchase shares - Assessee received loan in earlier years on which interest is also paid...

11. Deemed dividend u/s 2(22)(e) is not taxable in the hands of the assessee company if it is not a shareholder in the companies that extended loans. It is chargeable to tax...

12. Classification of services - Banking and Other Financial Services or otherwise? - Listing out the difference between operating lease and financial lease the impugned...

13. Revenue vs. capital expenditure - hire-purchase v/s agreement of lease - right to purchase to be exercised after expiry of certain period - held as lease transaction /...

14. Exemption from service tax - Legal services - Notary services - The court affirms that legal services provided by individual advocates or firms of advocates are exempt...

15. Credit availed on exempted services - interest earned by the bank on loans and advances, whether it is exempted service or taxable service - for the banking and...