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2018 (7) TMI 1440 - AT - Service TaxRenting of immovable property Service - appellant has rented their premises for use of Axis Bank and were receiving rent for the same - benefit of N/N. 6/2005 dated 01.03.2005 as amended - Held that:- This Notification exempts the payments of Service Tax in respect of taxable service upto the initial aggregate value of ₹ 8 Lakhs (for the period 2007-08) - Since the renting became taxable service only w.e.f. 01.06.2007, the rent received by the appellant in the year 2006-07 cannot be considered as receipt of consideration for taxable service - even if such amount received is more than ₹ 4.00 Lakhs / 8.00 Lakhs in 2006-07, the benefit of N/N. 6/2005 for the period 2007-08 cannot be denied to the appellant. Penalty - Held that:- The service of renting of immovable property was introduced w.e.f. 01.06.2007 and the demand for service tax is for the period immediately after the introduction of such service - penalty waived by invoking section 80. The demand for Service Tax is restricted to the amount already paid by the appellant alongwith interest - penalty set aside - Appeal allowed in part.
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