https://www.taxtmi.com/caselaws?id=241975 External commercial borrowing services arranged for setting up a unit in a Special Economic Zone were treated as supporting a strong prima facie case for SEZ exemption under Notification No. 4/2004-S.T. The demand had been raised under the reverse charge mechanism on the footing that the arrangement constituted Banking and Financial Services, but the record showed that the borrowing was linked to an SEZ project and the transaction did not ultimately materialise. On that basis, waiver of pre-deposit was granted and recovery of the disputed service tax, interest and penalties was stayed pending disposal of the appeal. en-us Thu, 23 Aug 2012 00:00:00 +0530 Sat, 04 Jan 2014 06:49:37 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=241975 External commercial borrowing services arranged for setting up a unit in a Special Economic Zone were treated as supporting a strong prima facie case for SEZ exemption under Notification No. 4/2004-S.T. The demand had been raised under the reverse charge mechanism on the footing that the arrangement constituted Banking and Financial Services, but the record showed that the borrowing was linked to an SEZ project and the transaction did not ultimately materialise. On that basis, waiver of pre-deposit was granted and recovery of the disputed service tax, interest and penalties was stayed pending disposal of the appeal. Case-Laws Service Tax Thu, 23 Aug 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=241975