https://www.taxtmi.com/caselaws?id=386355 Service tax was held not leviable on a corporate guarantee furnished for holding companies or associate enterprises where the record showed no consideration received by the assessee; the demand and penalty were set aside. The Offshore Upfront Fee paid to foreign bankers on a buyer credit facility was treated as interest, not an independent fee for taxable services, because the evidence and bank communication showed it formed part of the RBI-guided credit arrangement. As interest on a loan or buyer credit transaction falls outside the taxable value, the demand on this component also failed and the dropping of demand was upheld. en-us Wed, 22 May 2019 00:00:00 +0530 Thu, 26 Sep 2019 19:39:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=386355 Service tax was held not leviable on a corporate guarantee furnished for holding companies or associate enterprises where the record showed no consideration received by the assessee; the demand and penalty were set aside. The Offshore Upfront Fee paid to foreign bankers on a buyer credit facility was treated as interest, not an independent fee for taxable services, because the evidence and bank communication showed it formed part of the RBI-guided credit arrangement. As interest on a loan or buyer credit transaction falls outside the taxable value, the demand on this component also failed and the dropping of demand was upheld. Case-Laws Service Tax Wed, 22 May 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=386355