Monday, December 16, 2019

ITC allowed on lease rental paid for residential accommodation - CESTAT



CESTAT Blore in the case of Bhuwalka Pipes while allowing the Cenvat credit held that “Perusal of the rental agreement shows that the premises can be used for residential, guesthouse and back office purposes and the appellant have used the same for business purpose only. Thus, the inclusive clause in the definition of input service covers the impugned input service - decided in favor of appellant

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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...