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2014 (12) TMI 659 - CESTAT MUMBAIWaiver of pre-deposit of service tax, interest and penalties - Banking and Financial Institution Services - Held that:- Applicant is not a banking company and service tax is payable only on the issuance of the bank guarantee issued by the bank. Further, we have seen the impugned order wherein in one case, the guarantee has been given by the bank; in that case service tax has been paid by the bank and credit of the said service tax has not been availed by the applicant. Further, we find that in the Guarantee the word "Bank" is mentioned wrongly instead of applicant itself. Admittedly, the guarantees issued by the applicant does not bear or does not have any party as a bank. In these circumstances, prima facie applicant has made out a case for complete waiver of pre-deposit. Accordingly, we waive the requirement of pre-deposit of entire amount of service tax, interest and penalties and stay recovery thereof during the pendency of the appeals. - Stay granted.
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