Monthly Archives: November 2014

Service tax should be refunded if paid but not considered as payable

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 […]

How determine cost of Acquisition of Self Generated Assets

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.

Please wait...

Subscribe to our newsletter

Want to be notified when our article is published? Enter your email address and name below to be the first to know.