SIGN IN SUBSCRIBE

News Update

Ghana agrees to activate UPI links in 6 monthsGST - Record does not reflect that any opportunity was given to petitioner to clarify its reply or furnish further documents/details - In such scenario, proper officer could not have formed an opinion - Matter remitted: HCED seizes about 20 kg gold from locker of a cyber scammer in HaryanaGST - Mapping of PAN number with GST number - No fault of petitioner - Respondent authorities directed to activate GST number within two weeks: HCGST - Circular 183/2022 - Petitioner to prove his case that he had received the supply and paid the tax to the supplier/dealer - Matter remitted: HCGST -Petitioner to produce all documents as required under summons -Petitioner to be heard by respondent and a decision to be taken, first on the preliminary issue raised with regard to applicability of CGST/SGST: HCGST - s.73 - Extension of time limit for issuance of order - Notifications 13/2022-CT and 09/2023-CT are not ultra vires s.168A of the Act, 2017: HCSun releases two solar storms - Earth has come in its wayRequisite Checks for Appeals - RespondentInheritance Tax row - A golden opportunity to end 32-years long Policy Paralysis on DTCThe Heat is on: Preserving Earth's Climate in the Face of Global WarmingVAT - Timeline for frefund must be followed mandatorily while recovering dues under Delhi VAT Act: SCIndia, Australia to work closely for collaborative projectsCX - All the information was available to department in 2003 itself, therefore, SCN issued four years after gathering information is not sustainable and is highly barred by limitation: HCPowerful voices of amazing women leaders resonated at UN Hqs75 International visitors from 23 countries arrive to watch world's largest elections unfoldCentre asks States to improve organ donation frequencyCus - Revenue involved in the appeal filed by Commissioner is far below the threshold monetary limit fixed by the CBEC, therefore, department cannot proceed with this appeal - Appeal stands disposed of: HCAdani Port to develop port in PhilippinesUS Nurse convicted of killing 17 patients - 700 yrs of jail-term awarded
 
CX - Mutual fund investment services are not Input Services : CESTAT

By TIOL News Service

MUMBAI, JULY 14, 2017: THE issue is whether the appellant is entitled to CENVAT credit in respect of service tax paid on the services related to investment in mutual funds.

None appeared on behalf of the appellant but a request was made to dispose of the matter on merit.

The AR justified the denial of credit.

After considering the submissions, the Bench observed -

"4. …I find that undisputedly, the credit availed is in respect of the services relating to mutual funds investment. This service is not related to the manufacturing activity of the appellant. The mutual funds investment was made out of the profit of the company, which is not related to the overall business activity of the appellant. As per the definition of input service it should be used in or in relation that manufacture of final products. Even the services, such as financing, auditing and accounting, credit is admissible only if it relates to the manufacturing and business activity of the assessee. Since the mutual funds investment is from the fund which is arising after completion of the manufacturing in business activity. Therefore, this service has no relation with the manufacturing and business activity of the appellant…."

Holding that there is no error in the order of the Commissioner(Appeals), the appeal was dismissed.

(See 2017-TIOL-2418-CESTAT-MUM)


POST YOUR COMMENTS
   

TIOL Tube Latest

TIOL Tube
Shri N K Singh, recipient of TIOL FISCAL HERITAGE AWARD 2023, delivering his acceptance speech at Fiscal Awards event held on April 6, 2024 at Taj Mahal Hotel, New Delhi.

TOP NEWS

AR not Afar by SK Rahman

VISION 360



Shri Ram Nath Kovind, Hon'ble 14th President of India, addressing the gathering at TIOL Special Awards event.

TII LATEST

TIOLCORPLAWS LATEST