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CESTAT Bangalore held that the demand of service tax on the sale of equity shares of an ongoing concern, without consideration for non-compete and non-solicit conditions, is not valid. The Mega Exemption Notification No. 25/2012 exempts service tax on transfer of a going concern. The terms of the agreement lacked substantial consideration for non-compete clauses. The Tribunal emphasized interpreting contracts based on parties' intentions. Non-compete clauses are common in business transfers to prevent immediate competition. Ministry of Finance clarified that payments without consideration for an independent activity do not constitute supply under the Act. The demand of service tax was set aside, along with interest and penalties.
CESTAT Bangalore held that the demand of service tax on the sale of equity shares of an ongoing concern, without consideration for non-compete and non-solicit conditions, is not valid. The Mega Exemption Notification No. 25/2012 exempts service tax on transfer of a going concern. The terms of the agreement lacked substantial consideration for non-compete clauses. The Tribunal emphasized interpreting contracts based on parties' intentions. Non-compete clauses are common in business transfers to prevent immediate competition. Ministry of Finance clarified that payments without consideration for an independent activity do not constitute supply under the Act. The demand of service tax was set aside, along with interest and penalties.
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