https://www.taxtmi.com/caselaws?id=269187 The Appellate Tribunal CESTAT Chennai ruled in favor of the appellants in a case concerning the liability of service tax on arranger fees for External Commercial Borrowings (ECB) and the imposition of penalties under the Finance Act, 1994. The Tribunal acknowledged the appellants' prompt payment of service tax upon realizing their liability, their bonafide belief regarding taxability, and the revenue-neutral aspect of the situation. Consequently, the penalties under Sections 76, 77, and 78 were set aside, while the payment of service tax and interest was upheld. en-us Mon, 09 Nov 2015 00:00:00 +0530 Thu, 10 Dec 2015 10:18:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=269187 The Appellate Tribunal CESTAT Chennai ruled in favor of the appellants in a case concerning the liability of service tax on arranger fees for External Commercial Borrowings (ECB) and the imposition of penalties under the Finance Act, 1994. The Tribunal acknowledged the appellants' prompt payment of service tax upon realizing their liability, their bonafide belief regarding taxability, and the revenue-neutral aspect of the situation. Consequently, the penalties under Sections 76, 77, and 78 were set aside, while the payment of service tax and interest was upheld. Case-Laws Service Tax Mon, 09 Nov 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=269187