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2018 (2) TMI 156 - AT - Service TaxBanking and Other Financial Services - the assessee raised funds through issue of Foreign Currency Convertible Bonds (FCCB) in capital markets through overseas lead arrrangers to whom they paid charges in the form of upfront fee, management fee, commitment fee, underwriting fee, out-of-pocket expense, legal fee etc. - period involved is after 18.4.2006 - reverse charge mechanism - Held that: - The Tribunal in assessee's own case M/s. Sakthi Sugars Ltd Versus Commissioner of Central Excise, Salem [2017 (9) TMI 30 - CESTAT CHENNAI], has held that the demand on said legal fees cannot sustain for the reason such charges will not fall under Banking and Financial services and that such service has become taxable only with effect from 1.9.2009 - the demand on legal fees requires to be set aside. For the limited purpose of requantification of the demand, eliminating legal fees, the matter is remanded to the original authority - appeal allowed by way of remand.
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