Court Rules Against Assessee on Service Tax Liability for 24 Flats Transferred Without Monetary Consideration Under Finance Act, 1994.

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....Liability to pay service tax in respect of 24 flats handed over to the land owner - If there is no monetary consideration in the transaction, then Section 65 of the Finance Act, 1994 provides for various methods for valuation - prima facie case is against the assessee - HC....