2014 (1) TMI 312

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..... ed this application for waiver of pre-deposit of service tax of Rs. 1,74,64,742/-, interest and penalties. The applicant had already paid an amount of Rs.1,29,47,131/. The demand is confirmed on reverse charge mechanism on the ground that the applicants availed external commercial borrowings facility from M/s. International Finance Corporation. M/s. Lehman Brothers and M/s. Union Bank of Switzerla .....

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..... ported in 2012 (28) STR 377. 3. We find that as per the International Finance Corporation (Status, Immunities and Privileges) Act, 1958, the duties and taxes are exempted. In view of this, we find that the amount already deposited is sufficient for hearing of the appeal. Pre-deposit of the remaining dues is waived and recovery of the same is stayed during the pendency of the appeal. Stay Petition .....

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