Seeks to amend notification No. 25/2012-Service Tax, dated 20th June 2012, so as to amend certain existing entries granting exemption on specified services and inserting new entries for granting exemption from service tax on specified services
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- No penalty can be levied on a tax demand that arises purely from the deeming fiction of Section 56(2)(x) of the Income-tax Act, 1961.
- “Purchase” for a 54F exemption means making the investment, not just the final registration of the sale deed within the prescribed time.
- A search assessment requires incriminating material, not just regular books of account.
- An ad hoc disallowance of a fully vouched and verified business expenditure is arbitrary and legally unsustainable.
- A lumpsum payment in lieu of pension is exempt, even if not on retirement.
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