Section 50B of the Income Tax Act applies only to a “sale” for a “monetary consideration” and not to a case of “exchange” of the undertaking for shares under a section 391/394 scheme of arrangement [Tiger Elevators Pvt. Ltd.].
Nonpayment of service tax by service provider to government, prima facie, cannot be held a ground for denial of credit at end of service receiver when service receiver has paid entire invoice amount to service provider's.
Nonpayment of service tax by service provider to government, prima facie, cannot be held a ground for denial of credit at end of service receiver when service receiver has paid entire invoice amount to service provider's.