Service Tax – BAS – Promoting Real Estate Business in the air – PRE-DEPOSIT reduced to 60 Crores from 100 Crores: High Court
IN the Jetlite case - (), the Tribunal had ordered Jetlite to make a pre-deposit of Rs. 100 Crores in a Service Tax case demanding over Rs. 128 Crores with an equal amount of penalty. On a writ petition, the Delhi High Court has modified the Stay Order and directed the petitioner to deposit Rs. 60 Crores with a bank guarantee for Rs. 10 Crores by 25th September, 2010. The parties are directed to appear before the Tribunal on 27th September 2010 and the Tribunal has to fix a date for hearing the appeal and the appeal is to be decided by November 2010.
Last year JetLite had made a loss of more than 600 Crores – they should now find 60 Crores in a month!
Please see JET LITE INDIA LTD AND ANR v UNION OF INDIA AND ORS -