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Monthly Archives: November 2014

When service tax paid by the assessee but considered as not payable and treat as deposit should be refunded accordingly In the case of Roshan R Jaiswal (Appellant) Vs. Commissioner of Central Excise, Nagpur [2014-TIOL-2308-CESTAT-MUM] The Appellant is a distributor for Bharat sanchar nigam limited Prepaid mobile sim services etc., and also registered with Service Tax Department under the”Franchise service”.

B.C.Srinivasa Setty (SC)

The cost of acquisition of a self generated asset is not determinate, Therefore, capital gains not possible to be computed when a self generated asset is transferred.Hence ,no capital gains will arise on the sale of self generated asset.The amount received will be a capital receipt not chargeable to income tax.

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