2024 (11) TMI 523 - SCH - GST

Valuation - Section 67 - Associated enterprises - lease rent equalisation shown in Balance sheet - it was held by CESTAT that 'The amount shown in the balance sheet is not an 'income' for the purposes of computing Tax under the Income Tax Act. In the result it is also not a 'payment' actually received or receivable, and therefore neither 'consideration' nor the 'gross amount charged' in terms of clauses (a) and (c) respectfully of the explanation to Section 67 of the Act. Hence the appellant is not liable to pay Service Tax on the amount of lease rent equalisation shown in the balance sheet.' HELD THAT - It is not required to interfere with the impugned order passed by the Customs, Excise Service Tax Appellate Tribunal. The Civil Appeal is dismissed.

Summary

The Supreme Court of India dismissed the Civil Appeal without interference with the impugned order by the Customs, Excise & Service Tax Appellate Tribunal. The question of law is kept open.