https://www.taxtmi.com/caselaws?id=241406 Service tax liability on financial assistance facilitated by the International Finance Corporation was examined under the definition of banking and financial services. The applicant contended that the Corporation acted as a coordinating agency rather than a financial institution or body corporate providing taxable banking or financial services, relying on its Articles of Agreement. Revenue maintained that payments for financial assistance from the International Bank for Reconstruction and Development constituted taxable services. On this basis, the Tribunal treated the amount already deposited as sufficient, waived pre-deposit of the balance demand, and stayed recovery pending appeal. en-us Thu, 23 May 2013 00:00:00 +0530 Mon, 23 Dec 2013 10:07:37 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=241406 Service tax liability on financial assistance facilitated by the International Finance Corporation was examined under the definition of banking and financial services. The applicant contended that the Corporation acted as a coordinating agency rather than a financial institution or body corporate providing taxable banking or financial services, relying on its Articles of Agreement. Revenue maintained that payments for financial assistance from the International Bank for Reconstruction and Development constituted taxable services. On this basis, the Tribunal treated the amount already deposited as sufficient, waived pre-deposit of the balance demand, and stayed recovery pending appeal. Case-Laws Service Tax Thu, 23 May 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=241406