TMI Blog2014 (12) TMI 659X X X X Extracts X X X X X X X X Extracts X X X X ..... ee issued by the bank. Further, we have seen the impugned order wherein in one case, the guarantee has been given by the bank; in that case service tax has been paid by the bank and credit of the said service tax has not been availed by the applicant. Further, we find that in the Guarantee the word "Bank" is mentioned wrongly instead of applicant itself. Admittedly, the guarantees issued by the ap ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... pplicant is a Banking Financial Company issuing guarantees to various corporate entities for that it is charging certain commission. The Revenue is of the view that on the consideration received by the applicant, the applicant is required to pay service tax under Banking and Financial Institution Services as per Section 65(12) of the Finance Act, 1994. Therefore, the show cause notices were issued ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ng licence, therefore it is not required to pay service tax. Therefore the applicant is not required to pay service tax on the commission received by it for executing guarantees. In these circumstances, waiver of pre-deposit of service tax, interest and penalty sought by the applicant. 4. On the other hand, Ld. A.R. opposed the contention of the Ld. Consultant for the applicants and submits tha ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... , we have seen the impugned order wherein in one case, the guarantee has been given by the bank; in that case service tax has been paid by the bank and credit of the said service tax has not been availed by the applicant. Further, we find that in the Guarantee the word Bank is mentioned wrongly instead of applicant itself. Admittedly, the guarantees issued by the applicant does not bear or does ..... X X X X Extracts X X X X X X X X Extracts X X X X
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