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2017 (9) TMI 30 - AT - Service TaxBanking & Other Financial Services rendered by service providers outside India in connection with raising Foreign Currency Convertible Bonds - fees paid to foreign agents - other charges like, Commitment charges, Out of pocket expenses, Trusteeship fees, Processing fees, Listing fees, Printing fees etc - reverse charge mechanism - Held that: - Such services have become taxable only with effect from 1.9.2009 and therefore the demand on legal fees in our view is unsustainable - for the limited purpose of requantification of the demand eliminating legal fees, the matter requires to be remanded to the adjudicating authority. Penalties u/s 76 and 78 - Held that: - there was much controversy as to the liability to pay service tax under reverse charge mechanism during the relevant period. Prior to introduction of Section 66A in Finance Act, only the Rules provided for such levy and the doubt was whether there can be levy of service tax merely by providing in the Rules, without having a charging section in the Act - penalties imposed are unwarranted. Appeal allowed in part and part matter on remand.
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