https://www.taxtmi.com/caselaws?id=215280 The Tribunal confirmed a service tax demand of Rs. 2,65,91,471 on various services provided by the appellants, including advisory service, merchant banking service, and recovery of bad debts. The issue of whether these services should be classified under 'Management Consultancy Service' or 'Banking and Other Financial Services' was debated. The Tribunal considered the complexity of the case and granted a stay on the recovery of dues, acknowledging the appellant's genuine belief in the non-taxability of services before July 16, 2001, as supported by the Circular issued by the Board. en-us Tue, 20 Dec 2011 00:00:00 +0530 Thu, 23 Aug 2012 12:36:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=215280 The Tribunal confirmed a service tax demand of Rs. 2,65,91,471 on various services provided by the appellants, including advisory service, merchant banking service, and recovery of bad debts. The issue of whether these services should be classified under 'Management Consultancy Service' or 'Banking and Other Financial Services' was debated. The Tribunal considered the complexity of the case and granted a stay on the recovery of dues, acknowledging the appellant's genuine belief in the non-taxability of services before July 16, 2001, as supported by the Circular issued by the Board. Case-Laws Service Tax Tue, 20 Dec 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=215280