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2014 (1) TMI 452 - AT - Service TaxReceipt of services of banking and financial services from the foreign banks - Imposition of penalty under Sections 75A, 77 and 78 - Held that:- amount on which the service tax is demanded had been paid by the Appellant to ICICI Bank Ltd. against the bills raised by the bank. We also find that there is a letter from ICICI Bank addressed to the jurisdictional Range Superintendent informing that in respect of the amount recovered from the appellant, they had paid the service tax to the Government. When the appellant had received the service of opening letter of credit from ICICI Bank Ltd. and it is through ICICI Bank Ltd. that they had received the export proceeds and the charges for the services availed had been paid to the ICICI Bank Ltd., we are, therefore, of the prima facie view that there is no banking and financial services, which have been received by the appellant from any foreign bank and as such, the impugned order confirming service tax demand is not correct. In view of this, the requirement of pre-deposit of service tax demand, interest and penalty is waived for hearing of the appeal and recovery thereof is stayed till the disposal of the appeal - Stay granted.
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