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Service Tax - Highlights / Catch Notes

Home Highlights April 2023 Year 2023 This

Levy of Service tax - Forfeiture of earnest money deposit on ...

Service Tax

April 27, 2023

Levy of Service tax - Forfeiture of earnest money deposit on account of contractors failure to honor the terms of the contract - The Circular dated 28.02.2023 issued by the Central Board of Indirect Tax and Customs also provides that service tax cannot be levied on the amount collected for the said purpose - thus demand on contractual agreement do not sustain. - AT

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  1. Recovery of amount of duty on the additional consideration to the extent of forfeiture of security deposit - breach of contract - earnest money deposit - Earnest money...

  2. Levy of service tax - forfeiture of earnest money and retention of compensation / liquidation damage for not delivery of purchased goods by the other party - declared...

  3. Forfeiture of the earnest money deposit by the appellant bank - The Supreme Court held that, the underlying principle envisaged u/s(s) 73 & 74 of the Indian Contract...

  4. Declared Service or not - appellant had collected an amount towards compensation/penalty from the buyers of coal on the short lifted/un-lifted quantity of coal;...

  5. Forfeiture of deposit to be treated as revenue loss, allowable for deduction or capital loss not allowed in the profit & loss account - AEPC had forfeited its Earnest...

  6. Addition on account of forfeiture of shares application money - since the amount is capital in nature the same cannot be brought to tax. - AT

  7. Demand of service tax on advances received - services are yet to be provided - The advance is only an amount given as kind of earnest money and for which the appellant...

  8. Ad-hoc cargo and Deposit Account - levy of service tax on receipt of advance - service tax already deposited on accrual basis - stay granted. - AT

  9. Unexplained money u/s. 69A and levied tax u/s. 115BBE - the assessee has filed cash book explaining date wise receipts from various parties and deposited into bank...

  10. Loss on purchase of land or earnest money paid - The undisputed fact is that the assessee is engaged in the business of real estate and that these payments were made in...

 

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