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2012 (11) TMI 211 - CESTAT MUMBAIWaiver of pre-deposit and stay of recovery of duty and penalty - Following the decision of Court in case of [JUBILANT LIFE SCIENCES LTD. Versus COMMISSIONER OF CENTRAL EXCISE, NOIDA 011 (11) TMI 421 - CESTAT, NEW DELHI] Held that:- Services of lead managers to the issue and underwritings and other banking & financial services had been received by the Appellant from offshore services provider - and, therefore, the appellants being service recipients are liable to pay service tax in respect of the same - The services provided by the underwriters is taxable under Section 65(105)(z) read with Section 65(116) & 65(117) of the Finance Act, 1994 as taxable services of Underwriter's Services and Merchant Banker' Services - applicant is therefore directed to deposit an amount of Rs. 50,00,000/- (Rupees fifty lakhs only) within a period of eight weeks and report compliance later on. On compliance there shall be stay of recovery of the balance amount of service tax, interest and penalty till disposal of the appeal.
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