Thursday, 23 February 2012

Business auxiliary service - Section 65 (19) of the Finance Act, 1994 – marketing efforts

R.S. Financial Services Versus C.C.E., Jaipur I - Tribunal
Business auxiliary service - Section 65 (19) of the Finance Act, 1994 – marketing efforts - appellant promoted business of ICICI Bank providing the services of processing of loan application for commercial vehicle which resulted in promotion of business of the bank as well as the vehicle seller – Held that:- The nature of activity carried out falls within the ambit of Business Auxiliary Service. Further, Appellate order does not demonstrate any mala fide of the assessee to bring it to the fold of penalty u/s 76 and 78 of the Finance Act, 1994. However penalty u/s 77 is confirmed – Decided partly in favor of assessee.

No comments:

Share sale by Passive Shareholder taxable as Long-Term Capital Gains and not Business Income irrespective of non-compete clause in the SPA

  As per Income Tax Laws, any sum received or receivable in cash or kind under an agreement for not carrying business or profession is treat...