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2018 (4) TMI 728

own case M/s Petronet LNG Limited Versus CCE, New Delhi [2017 (3) TMI 120 - CESTAT NEW DELHI], where it was held that the IFC Act 1958 clearly provides for immunity of all transactions and operations of IFC - tax liability do not sustain. - Penalty - Held that: - the disputed amount was paid immediately after the notice and the same was appropriated in the impugned order - penalty not sustaina .....

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et up by the assessee - Appellants as a co - promoter in India. When the issue was taken up, they discharged the said Service Tax and separately followed the issue with the Department for claiming refund available to SEZ. The assessee - Appellants are not contesting the tax liability of the said amount. An amount of ₹ 1,31,525/ -, as Service Tax liability, is related to finance mobilized thr .....

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he assessee - Appellants own case (supra), it was held that: 6. On the second issue relating to tax liability of the appellant on their transaction with IFC, we note that the appellants have approached IFC for a loan arrangement and in connection with the same expenditures were incurred by them directly with IFC and also with third party appointed by IFC for due diligence. We note that the IFC Act .....

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been discussed at length and the Tribunal concluded that there is no separate exemptions required as the transaction of IFC were made immune to tax in terms of IFC Act. 4. In view of the above, we find that the said tax liability is not sustainable against the assessee - Appellants. 5. Regarding the penalty imposed on the assessee - Appellants, we note that the Service Tax liability is with refer .....

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