https://www.taxtmi.com/caselaws?id=444275 Service tax under section 67 of the Finance Act, 1994 was held not to extend to notional interest computed by the Department on an interest-free security deposit taken for renting safe deposit vaults and private lockers. The taxable value was confined to the consideration for the service, and the locker rent had already been taxed. The security deposit served a separate purpose, namely securing performance and possible liabilities, and was not consideration for the service. In the absence of a specific deeming provision treating notional interest on such deposit as part of the service value, the addition was unsustainable. en-us Fri, 29 Sep 2023 00:00:00 +0530 Thu, 12 Oct 2023 10:30:05 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=444275 Service tax under section 67 of the Finance Act, 1994 was held not to extend to notional interest computed by the Department on an interest-free security deposit taken for renting safe deposit vaults and private lockers. The taxable value was confined to the consideration for the service, and the locker rent had already been taxed. The security deposit served a separate purpose, namely securing performance and possible liabilities, and was not consideration for the service. In the absence of a specific deeming provision treating notional interest on such deposit as part of the service value, the addition was unsustainable. Case-Laws Service Tax Fri, 29 Sep 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=444275