TMI Blog2014 (1) TMI 452X X X X Extracts X X X X X X X X Extracts X X X X ..... lls raised by the bank. We also find that there is a letter from ICICI Bank addressed to the jurisdictional Range Superintendent informing that in respect of the amount recovered from the appellant, they had paid the service tax to the Government. When the appellant had received the service of opening letter of credit from ICICI Bank Ltd. and it is through ICICI Bank Ltd. that they had received th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... llant, a manufacturer of pharmaceuticals, had made some exports. The exports had been made against letters of credit issued by their bankers, M/s. ICICI Ltd. and the sale proceeds of the goods exported were received through ICICI Bank. A show cause notice dated 16-10-2008 was issued to the appellant on the ground that they have made certain payments to foreign banks for collection of export procee ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... osed under Section 78 of Finance Act, 1994 and also another penalty of Rs. 200/- per day under Section 76 ibid. On appeal to the Commissioner (Appeals), the Asstt. Commissioner s order was upheld by the Commissioner (Appeals) vide order-in-appeal dated 15-10-2010. Against this order of the Commissioner (Appeals), this appeal along with stay application has been filed. 2 Heard both the sides in r ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ring of the appeal and recovery thereof may be stayed till the disposal of the appeal. 4 Shri K.K. Jaiswal, the ld. SDR, opposed the stay application reiterating the findings of the Commissioner (Appeals) in the impugned order and emphasised that the amount paid by the appellant is for the service received from the foreign banks and hence, they are liable to pay service tax on the same as servic ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... we are, therefore, of the prima facie view that there is no banking and financial services, which have been received by the appellant from any foreign bank and as such, the impugned order confirming service tax demand is not correct. In view of this, the requirement of pre-deposit of service tax demand, interest and penalty is waived for hearing of the appeal and recovery thereof is stayed till th ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
