2011 (4) TMI 703

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....m from a foreign country. 3. The Revenue conducted investigations and recorded the statements of various persons. During the course of investigation and from the statements recorded, it was revealed that the appellants have availed the loans through External Commercial Borrowings (ECB for short) and by issue of Foreign Currency Convertible Bond (FCCB for short). The ECB have been availed by them through Rabo India Finance Ltd. which has office in India, and as such the liability to pay Service Tax was on the service provider. In the case of FCCB, the appellants have appointed M/s Rabo Bank International, Singapore Branch as their lead manager as per the agreement letter dt.27.5.05. The FCCB raised by the appellants was amounted to USD 50....

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....der Section 73(1) of Finance Act, 1994. He directed to pay the interest under Section 75 of Finance Act, 1994, and also imposed penalties under Section 76 and Section 77 of Finance Act, 1994." 4. Being aggrieved with the order of original adjudicating authority, the respondents filed an appeal their-against before Commissioner(Appeals). The said authority allowed the appeal by observing as under:     "8. The main issue in this case is whether the services provided from outside India and received in India were taxable prior to insertion of Section 66-A w.e.f. 18.4.06 or otherwise. The appellants have cited the judgment of Hon'ble Mumbai High Court in the case of Indian Ship Owner Association Vs. UoI 2009 (13) STR 235 (Bo....