The Apex Court in a recent judgment (Civil Appeal number 2013 of 2014) held that no service tax should apply on expenditures recovered as reimbursements before May 14 2015.
With almost INR 14 million ($205,000) worth of INR 500 and INR 1,000 notes in circulation, this is so far probably the single biggest effort to root out black money and to curb fake currency and corruption.
Gains arising from the transfer of capital assets situated in India are taxable in India. However, determining the tax treatment of intangible assets in an Indian context poses several challenges because of the limited guidance on this issue.
