Home Case Index All Cases Service Tax Service Tax + AT Service Tax - 2010 (11) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2010 (11) TMI 153 - AT - Service TaxWaiver of pre-deposit - Banking and Financial Services - The appellant had provided corporate guarantee to State Bank of India for loans taken by another entity M/s. Ecovinal International Pvt. Ltd - The demand is on account of the consideration received by the appellant for providing the corporate guarantee is covered under Business Support Services and hence, liable to pay tax. Held that: provision of guarantee is specifically covered under other Banking and Financial Services classified under Section 65(12) of the Finance Act, 1994 - Therefore, the decision of the Tribunal in Dr. Lal Path Lab (P) Ltd. v. CCE, Ludhiana [2006 -TMI - 761 - Appellate Tribunal, New Delhi], the impugned activity could not have been subjected to tax under BSS - Hence, complete waiver of pre-deposit of the dues adjudged against the appellants and stay recovery.
|