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TMI Blog2012 (3) TMI 284X X X X Extracts X X X X X X X X Extracts X X X X ..... (AR) Per: Ashok Jindal: The applicants are seeking waiver of pre-deposit of service tax demands confirmed against them along with the interest and various penalties imposed under the Finance Act, 1994 under the category of "Business Auxiliary Services" and "Business Support Services". 2. Heard both sides. 3.1 IPO Financing Fees - The demand has been confirmed against the applicants for IPO fi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... f these NBFC's by way of performing the activity of introducing its corporate clients to their NBFC's. We find that as per the MOU, the applicants have agreed to compensate these NBFC's, if any demand arises. In that situation the applicants have not acted as a commission agent, therefore, they are doing business with these NBFC's on principal to principal basis and sharing their profits. Therefo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of the Banks, therefore, they are liable to pay service tax under the category of "Business Auxiliary Services". Prima facie, we find that the activity undertaken by the applicants for the investments in the bank assigned by the IPO issuing company. The amount of interest income which the bank shares with the applicant is not because applicant is promoting or marketing of any of the services prov ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ll the premises and thereafter recovered from the co-user on actual usage basis. Prima facie, we are of the view that the applicants are not rendering any service at all, therefore, the applicants have made out a case of 100% as waiver. 4. Thus, we find that the applicants have made out a prima facie case for complete waiver of the pre-deposit of service tax demand, interest thereon and penalties ..... X X X X Extracts X X X X X X X X Extracts X X X X
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