https://www.taxtmi.com/caselaws?id=387476 The Tribunal ruled in favor of the appellant, Petronet LNG Ltd, regarding the liability to pay service tax on the gross value of LNG supplied "free of cost" as a "consideration" for providing regasification services. The Tribunal held that the "allowed loss and consumption" clause in the agreement did not constitute consideration for services rendered and thus was not subject to service tax. Additionally, the penalty imposed on the Vice President of the appellant company under section 78A of the Finance Act, 1994, was set aside as there was no mens rea and the appellant had acted based on a legal interpretation. The Tribunal allowed the appeal and lifted the penalties imposed. en-us Mon, 21 Oct 2019 00:00:00 +0530 Thu, 24 Oct 2019 10:04:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=387476 The Tribunal ruled in favor of the appellant, Petronet LNG Ltd, regarding the liability to pay service tax on the gross value of LNG supplied "free of cost" as a "consideration" for providing regasification services. The Tribunal held that the "allowed loss and consumption" clause in the agreement did not constitute consideration for services rendered and thus was not subject to service tax. Additionally, the penalty imposed on the Vice President of the appellant company under section 78A of the Finance Act, 1994, was set aside as there was no mens rea and the appellant had acted based on a legal interpretation. The Tribunal allowed the appeal and lifted the penalties imposed. Case-Laws Service Tax Mon, 21 Oct 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=387476