9911796707
TMI Blog2008 (6) TMI 159X X X X Extracts X X X X X X X X Extracts X X X X ..... ellant. Shri A.K. Saxena, SDR, for the Respondent. [Order per: Jyoti Balasundaram, Vice President]. - We have heard both sides on the application for waiver of pre-deposit of service tax of Rs. 53,88,163/- and penalty of equal amount imposed under Section 76, Rs. 1000/- under Section 77 and Rs. 60/- lakhs under Section 78 of the Finance Act, 1994. The demand has been confirmed for the period 200 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ason that the advice is only in relation to merchant banking services which service came into the service tax net only with effect from 16-7-2001 end, therefore, prima facie the service tax demand is not sustainable on merits. Further submission of the applicants is that the demand raised for the period mentioned above under the show cause notice dated 4-4-2006 is barred by limitation for the reas ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ed by the applicants, as set out in para 14 of the impugned order and submits that although the applicants are rendering merchant banking services, some of the services rendered by them are in the nature of management consultancy services and therefore, even for the period prior to 16-7-2001, such services provided by the applicants will fall within the definition of management consultancy service ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ication may be dismissed and the applicants be directed to deposit service tax together with the penalties. 4. We have carefully considered the rival submission and find prima facie force in the contention that the nature of the services provided by the applicants will prima facie not fall within the definition of management consultancy services which remains the same both prior to and after 16-7 ..... X X X X Extracts X X X X X X X X Extracts X X X X
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