CESTAT held that services procured abroad relating to GDR/FCCB...

CESTAT held that services procured abroad relating to GDR/FCCB issuance constitute 'banking and other financial services' and, being received by a recipient located in India for business, were taxable under the reverse charge mechanism; the appellant's contention of non-receipt of services was rejected. The Tribunal also upheld service taxability of receipts for sale of television time as 'sale of space or time for advertisement,' confirming the impugned demand. However, CESTAT concluded the extended period of limitation could not be invoked, found no suppression, and held the demands barred by the statutory limitation; consequently the tax demands were set aside on limitation grounds and the appeal allowed.