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2016 (4) TMI 628 - CESTAT MUMBAI

2016 (4) TMI 628 - CESTAT MUMBAI - 2016 (43) S.T.R. 230 (Tri. - 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)], servi .....

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is liable to pay interest on such amount of service tax liability. - Imposition 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 o .....

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i -V. 2. The relevant facts that arise for consideration are that the appellant 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 Jefferi .....

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ntion to the facts of the case, show cause notice and also the order-in-original. 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 .....

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