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

Supreme Court rules chit fund business not categorized under asset management; differs from banking and financial services.

January 21, 2015

Case Laws Service Tax SC

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

← Previous Next →

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

Supreme Court rules chit fund business not categorized under asset management; differs from banking and financial services.

January 21, 2015

Case Laws Service Tax SC

You may also like:

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

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.

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...

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...

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...

Benami transaction - Attachment of funds towards chit funds in appellants' name and another maturity value. Reliance on sworn statement u/s 132(4) of Income Tax Act...

Disallowance of financial expenses in proportion to purchase from bogus companies was challenged. The assessing officer disallowed expenditure to the extent of paper...

SEBI amended the Mutual Funds Regulations through notification dated February 14, 2025, effective April 1, 2025. Key modifications include mandatory investment of...

Initiation of CIRP - Corporate Debtor unable to repay the amount - Non Performing Asset - Right of the Bank - In absence of any specific order of taking over the...

The assessee claimed exemption u/s 10(23G), and the disallowance u/s 14 concerning exempt income was disputed. It was held that the assessee had sufficient interest-free...

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...

Banking and Other Financial Services - remuneration received from RBI in relation to PPF management - There is no discretion for the appellant in handling the funds...

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...

Restrictions on business activities of the asset management company - Regulation 24 of the Securities and Exchange Board of India (Mutual Funds) Regulations, 1996 as amended.

The HC held that interest income earned on funds temporarily deposited in bank during pre-commencement of business for acquisition of capital asset like coal mine is...

Quick Updates: