2011 (4) TMI 612

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....: This stay petition is filed for the waiver of pre-deposit of the following amounts:-     a. Service tax - Rs.23,84,985/-     b. Interest.     c. Penalty - Rs.40 lakhs u/s 78.     d. Penalty - Rs.5000/- u/s 77. The above confirmed demand has arisen on the ground that the appellant had not discharged the service tax liab....

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....l Plc, London and paid certain amount as transaction amount for the services rendered in relation to the arrangement of the issuance of FCCBs. It is his submission that the money so raised by the M/s. Elara Capital Pic was invested in Mauritius i.e. outside India. It is his submission that the amounts paid as transaction fees to M/s. Elara Capital Pic was also paid through the bank accounts mainta....

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....axing in India. 4. Ld. OR would reiterate the findings of the lower authorities. 5. We have considered the submissions made by both sides and perused the records. It is seen from the impugned order that there is no dispute that the appellant had raised FCCBs in the international capital market and the money so raised was invested in Mauritius. It is also undisputed that the services were ren....