Supreme Court: Tax on Elevator Contracts Limited to Service Component per Finance Act 1994, Abatement Benefits Clarified.

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....Works Contract - contracts entered into with customers for manufacture of elevators that are then erected, commissioned and installed at the site - Denial of benefit of abatement - As per the decision of Apex Court, the authority vested in the Union to levy tax is limited to the ‘service’ component and only in accordance with the machinery provisions in Finance Act, 1994....