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Corporate guarantees provided without consideration are not taxable under the Finance Act, 1994, as established by the Supreme Court's decision in Commissioner of CGST & Central Excise Vs Edelweiss Financial Services Ltd. The Tribunal held that for taxation u/s 66B, an activity must have a 'provider' and 'consideration' flow, which is absent in such guarantees. Regarding service tax on profit/mark-up, the Tribunal, following the Tiger Logistics case, ruled that profit earned through business activities cannot be considered consideration for service, thus not taxable. The assessee's appeal was allowed, setting aside the demands.
Corporate guarantees provided without consideration are not taxable under the Finance Act, 1994, as established by the Supreme Court's decision in Commissioner of CGST & Central Excise Vs Edelweiss Financial Services Ltd. The Tribunal held that for taxation u/s 66B, an activity must have a 'provider' and 'consideration' flow, which is absent in such guarantees. Regarding service tax on profit/mark-up, the Tribunal, following the Tiger Logistics case, ruled that profit earned through business activities cannot be considered consideration for service, thus not taxable. The assessee's appeal was allowed, setting aside the demands.
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