TMI Blog2018 (3) TMI 856X X X X Extracts X X X X X X X X Extracts X X X X ..... August, 2008, we find that the Intellectual Property Right sold by the respondent not shows the temporary transfer on right and Section 66(55b) of the Finance Act, 1994 are not effective to the fact in dispute - the transfer of right is absolutely in terms of the agreement, therefore, proviso Section 65(55)b) of the act are not applicable - appeal dismissed - decided against Revenue. - APPEAL No. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ainst the sum of ₹ 90 Lakhs or lump sump and as per the term of agreement the assignee became the sole owner of that Intellectual Property Right. Revenue is of the view that the said activity is taxable in terms of Section 65(55b) of the Finance Act, 1994. Therefore, proceedings were initiated against the respondents and demand of service tax was confirmed by the Adjudicating Authority. The ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... , particulars whereof are fully provided in Schedule I of this Agreement (hereinafter the Scheduled Intellectual Property ); and where as the parties have agreed that the Assignor shall assign to the Assignee its entire right, title and interest in the Scheduled Intellectual Property; Pursuant to this Agreement and in consideration of a sum of ₹ 90,00,000/- (Rupees Ninety Lakhs only) n ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t immediately from the Effective Date. On going through the terms of the agreement dated 05 August, 2008, we find that the Intellectual Property Right sold by the respondent not shows the temporary transfer on right and Section 66(55b) of the Finance Act, 1994 are not effective to the fact in dispute. In these terms we do not find any infirmity with the impugned order the same is uphold and di ..... X X X X Extracts X X X X X X X X Extracts X X X X
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