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CESTAT allowed the appeal and set aside the impugned demand of service tax, interest and penalty. The Tribunal held that, under clause (b) of s.66E of the Finance Act, 1994, sale consideration received after issuance of a completion certificate by the competent authority is not leviable to service tax, and that the statute makes no distinction between a partial completion certificate (PCC) and a completion certificate (CC). The PCC in the present case preceded the booking and receipt of consideration for the flat; therefore no service tax was payable. Invocation of the extended period under the proviso to s.73 failed for lack of wilful misstatement or suppression, and consequential interest/penalty were disallowed.
CESTAT allowed the appeal and set aside the impugned demand of service tax, interest and penalty. The Tribunal held that, under clause (b) of s.66E of the Finance Act, 1994, sale consideration received after issuance of a completion certificate by the competent authority is not leviable to service tax, and that the statute makes no distinction between a partial completion certificate (PCC) and a completion certificate (CC). The PCC in the present case preceded the booking and receipt of consideration for the flat; therefore no service tax was payable. Invocation of the extended period under the proviso to s.73 failed for lack of wilful misstatement or suppression, and consequential interest/penalty were disallowed.
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