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Service Tax - Highlights / Catch Notes

Home Highlights August 2019 Year 2019 This

Valuation - nature of pre-pay penalty towards foreclosure of ...

Service Tax

August 26, 2019

Valuation - nature of pre-pay penalty towards foreclosure of home loan - The contract specifies a charge levied for exercising the option the said charge cannot be penalty or liquidated damage to compensate the loss - Demand of service tax with interest confirmed.

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  1. Valuation - nature of pre-pay penalty towards foreclosure of credit facility (loan) - in the nature of interest or not - The charges which were collected towards the...

  2. Amount paid towards penalty for breach of commercial contract by the assessee is not penal in nature, but compensatory in nature - deduction u/s 37(1) allowed - HC

  3. Levy of Service Tax - banking and other financial services - foreclosure charges - The foreclosure of loan is a material breach of contract as it curtails the loan...

  4. Imposition of penalty - Declaration of lesser price for the goods which were cleared for home consumption - Diffrential amount claimed was paid by the appellant - Levy...

  5. Construction services – nature of receipt - advance or loan - the appellant’s, have made out a prima facie case for waiver of the pre-deposit of amounts involved - AT

  6. Leasing of property - valuation - nature of charges received towards amenities provided under different agreements - all are part of rent - eligible for statutory...

  7. Interest u/s 36(1)(iii) - Loans borrowed for expansion of business - Net unit established - Interest paid on the loan will have to be treated as revenue in nature - HC

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  9. Valuation - Classification of service - non inclusion of cost recovered towards Transportation and cargo handling - demand confirmed with interest and penalty.

  10. Pre-deposit - The amounts deposited by the other entities cannot be reckoned towards the pre-deposit by the appellant herein. Such amounts can be reckoned towards...

 

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