Ignorance of law is not reasonable cause to waive penalty under service tax

Service-tax: Where delayed payment was not due to any bona fide confusion occurring in prevalent statue and related provisions were quite crystal clear, penalty cannot be waived merely on ground of ignorance of law, as it is not a reasonable cause under section 80

In combination, acquisition of less than 10% of voting rights shall be treated as investment

COMPETITION ACT/INDIAN ACTS & RULES : Competition Commission of India (Procedure in Regard to The Transaction of Business Relating to Combinations) Amendment Regulations, 2016 – Amendment in Regulations 5, 6, 9, 13, 14, Schedule I & Form I and Omission of Regulation 31

SEBI establishes its local office at Jammu

SEBI : Establishment of Local Office of Sebi at Jammu

Leather Association allowing outsiders in its trade-fair on negligible fee was entitled to sec. 11 r

IT : Where assessee-association was formed with an object to promote leather trade, in view of fact that assessee's receipt of rent from non-members by allowing them to keep their stalls in trade fairs organised by assessee was negligible in comparison to total trade receipts, assessee's case could not be said to be covered under proviso to section 2(15)

Penalty levied on co. as its directors tried to evade service tax with help of internal auditors

Service Tax: Where internal auditor of company perpetrated fraud by booking 'service tax due' as 'income'/'commission' in books of account and it was found that directors of company were aware thereof, company was liable to evasion penalty for consequent non-payment of service tax

Educational institution won't disqualify for sec. 10(23C) registration just due to existence of prof

IT: At stage of registration, under section 10(23C) authority is only required to examine nature, activity and genuineness of institution and mere existence of some profit does not disqualify applicant if sole purpose of its existence is not profit making but educational activities