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The case pertains to service tax liability arising from the sale/transfer of a business as a going concern by way of slump sale under the Income Tax Act, 1961. The issue was whether such transfer qualifies for exemption from service tax under Sr. No. 37 of Notification No. 25/2012-ST. The appellant had transferred an exclusive part of their software development business, which was earlier providing software solutions exclusively for the buyer (M/s ZeroChaos Workforce Solutions Private Limited), as a going concern. The Revenue denied the exemption, contending that the transferred business was not an independent part of the appellant's overall business. However, the CESTAT held that since the appellant had transferred an exclusive part of their business to the transferee, which they were not continuing after the transfer, it qualified as an "independent part thereof" under the exemption entry. Consequently, the appellant was entitled to exemption from service tax under Sr. No. 37 of Notification No. 25/2012-ST for the transfer of business as a going concern by way of slump sale.
The case pertains to service tax liability arising from the sale/transfer of a business as a going concern by way of slump sale under the Income Tax Act, 1961. The issue was whether such transfer qualifies for exemption from service tax under Sr. No. 37 of Notification No. 25/2012-ST. The appellant had transferred an exclusive part of their software development business, which was earlier providing software solutions exclusively for the buyer (M/s ZeroChaos Workforce Solutions Private Limited), as a going concern. The Revenue denied the exemption, contending that the transferred business was not an independent part of the appellant's overall business. However, the CESTAT held that since the appellant had transferred an exclusive part of their business to the transferee, which they were not continuing after the transfer, it qualified as an "independent part thereof" under the exemption entry. Consequently, the appellant was entitled to exemption from service tax under Sr. No. 37 of Notification No. 25/2012-ST for the transfer of business as a going concern by way of slump sale.
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