https://www.taxtmi.com/caselaws?id=446568 CESTAT Ahmedabad allowed the appeal where appellant raised finance through External Commercial Borrowings and Foreign Currency Convertible Bonds, receiving services from overseas banks under reverse charge mechanism. Appellant deposited entire service tax liability with interest before show cause notice issuance. Tribunal held revenue neutrality applied as service tax paid would be available as Cenvat credit for excise duty discharge. Since compliance was made before SCN under Section 73(3) of Finance Act 1994, penalties were set aside as no deliberate evasion was established. en-us Mon, 04 Dec 2023 00:00:00 +0530 Thu, 07 Dec 2023 07:17:54 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=446568 CESTAT Ahmedabad allowed the appeal where appellant raised finance through External Commercial Borrowings and Foreign Currency Convertible Bonds, receiving services from overseas banks under reverse charge mechanism. Appellant deposited entire service tax liability with interest before show cause notice issuance. Tribunal held revenue neutrality applied as service tax paid would be available as Cenvat credit for excise duty discharge. Since compliance was made before SCN under Section 73(3) of Finance Act 1994, penalties were set aside as no deliberate evasion was established. Case-Laws Service Tax Mon, 04 Dec 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=446568