https://www.taxtmi.com/caselaws?id=361961 Service tax was held payable on upfront fee, commitment fee and similar charges paid to an overseas service provider in connection with external commercial borrowings, on the basis that banking and financial services received from abroad attracted the reverse charge mechanism under section 66A(2) of the Finance Act, 1994. However, where the assessee paid the tax and interest before issue of the show cause notice, section 73(3) barred notice for the amount already discharged and the bona fide belief supported waiver of penalties under section 80. The demand for tax and interest was sustained, but the penalties were set aside. en-us Mon, 26 Feb 2018 00:00:00 +0530 Mon, 18 Jun 2018 08:10:20 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=361961 Service tax was held payable on upfront fee, commitment fee and similar charges paid to an overseas service provider in connection with external commercial borrowings, on the basis that banking and financial services received from abroad attracted the reverse charge mechanism under section 66A(2) of the Finance Act, 1994. However, where the assessee paid the tax and interest before issue of the show cause notice, section 73(3) barred notice for the amount already discharged and the bona fide belief supported waiver of penalties under section 80. The demand for tax and interest was sustained, but the penalties were set aside. Case-Laws Service Tax Mon, 26 Feb 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=361961