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Gitanjali Gems Ltd. Versus Commissioner of Service Tax, Mumbai -I

2016 (4) TMI 628 - CESTAT MUMBAI

Service tax liability - External commercial borrowings (ECB) are raised in the form of foreign currency convertible bonds - Amount paid by the appellant to M/s Jefferies International Ltd. for the services rendered for raising ECB for the appellant - Held that:- in view of majority of decisions held in the case of Tata Steel Limited vs. Commissioner of Service Tax, Mumbai -I [2015 (11) TMI 1049 - CESTAT MUMBAI (LB)], service tax liability under reverse charge mechanism arises on the person makin .....

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mposition of penalty - Held that:- appellant has not paid the entire amount of the service tax liability and the interest thereof but has only paid 50% of the amount of service tax liability. It is found that the provisions of Section 80 cannot be invoked, as there being no discharge of service tax liability and interest thereof and the penalty imposed on the appellant needs to be upheld as there is no justifiable reason or cause shown for setting aside the penalties. - Decided against the appel .....

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llant herein had raised external commercial borrowings (ECB) in the form of foreign currency convertible bonds in the month of November 2006 and had appointed an agency to conduct such activity. The appellant entered into an agreement with M/s Jefferies International Ltd., in respect of the payments made and related expenses in respect of such raising of external commercial borrowings (ECB). Appellant paid the said Jefferies International Ltd. an amount towards the services rendered by them. Rev .....

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iginal. It is his submission that they were contesting the taxability of the amount in their hands under reverse charge mechanism and such tax liability does not arise. He fairly submits that the issue is now settled by the majority decision of the Tribunal in the case of Tata Steel Limited vs. Commissioner of Service Tax, Mumbai -I - 2015-TIOL-2464-CESTAT-MUM. It is his submission that interest liability and the penalties be set aside as the issue was being agitated and had to be settled by maj .....

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