https://www.taxtmi.com/caselaws?id=437386 The Tribunal held that the appellant is not liable to pay service tax on the corporate guarantee provided to its associate companies. It was determined that the appellant does not fall under the taxable category of Banking and Other Financial Services (BOFS) as defined in the Finance Act, 1994, as they are not engaged in financing activities. Additionally, since no consideration was received for providing the corporate guarantee, the activity does not constitute a taxable service. The appeal was allowed, and the order under challenge was set aside with consequential benefits granted to the appellant. en-us Wed, 29 Mar 2023 00:00:00 +0530 Fri, 05 May 2023 13:32:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=437386 The Tribunal held that the appellant is not liable to pay service tax on the corporate guarantee provided to its associate companies. It was determined that the appellant does not fall under the taxable category of Banking and Other Financial Services (BOFS) as defined in the Finance Act, 1994, as they are not engaged in financing activities. Additionally, since no consideration was received for providing the corporate guarantee, the activity does not constitute a taxable service. The appeal was allowed, and the order under challenge was set aside with consequential benefits granted to the appellant. Case-Laws Service Tax Wed, 29 Mar 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=437386