https://www.taxtmi.com/caselaws?id=267297 The Tribunal ruled in favor of the appellant, holding that the lease rent equalization amount should not be considered as "gross consideration" for Service Tax calculation under section 67 of the Finance Act, 1994. The Tribunal emphasized that the amount was not actual income but a balancing figure in the accounts, aligning with Accounting Standard AS-19. It was concluded that the lease rent equalization did not qualify as payment received or receivable, thus not falling under the definition of "gross consideration." The Tribunal also found that the appellant had made full disclosures in good faith, leading to the appeal being allowed and the impugned order set aside. en-us Wed, 24 Jun 2015 00:00:00 +0530 Sat, 17 Sep 2016 15:45:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=267297 The Tribunal ruled in favor of the appellant, holding that the lease rent equalization amount should not be considered as "gross consideration" for Service Tax calculation under section 67 of the Finance Act, 1994. The Tribunal emphasized that the amount was not actual income but a balancing figure in the accounts, aligning with Accounting Standard AS-19. It was concluded that the lease rent equalization did not qualify as payment received or receivable, thus not falling under the definition of "gross consideration." The Tribunal also found that the appellant had made full disclosures in good faith, leading to the appeal being allowed and the impugned order set aside. Case-Laws Service Tax Wed, 24 Jun 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=267297