2011 (11) TMI 421

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....5 Million and US$ 200 Million through ABN AMRO Rothschild (hereinafter referred to as ABN) and JP Morgan Securities Ltd., USA (hereinafter referred to as JP Morgan), who had acted as the lead manager to the issue and to whom payments of Rs. 5,23,62,658/-, Rs. 7,93,42,445/- and Rs. 12,34,37,000/- respectively had been made during those years. The department was of the view that the services of lead managers to the issue and underwritings and other banking & financial services had been received by the Appellant from offshore services provider - ABN and JP Morgan and, therefore, the appellants being service recipients are liable to pay service tax in respect of the same. Since the appellant had not paid any service tax, a show cause notice dat....

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....iting services were provided by the Lead Managers these would be taxable as underwriting services, that the appellants have already paid service tax amounting to Rs. 22,91,734/- along with interest amounting to Rs. 4,62,805/- on the charges for underwritings, that no service tax is payable on the remaining amount, that the appellant have strong prima facie case and hence, the requirement of pre-deposit of service tax demand, interest and penalty may be waived for hearing of the appeal and recovery thereof may be stayed till the disposal of the appeal. 5. Shri N. Pathak, ld. SDR opposed the stay application by reiterating the findings of the Commissioner in the impugned order and pleaded that the services of underwritings as well as ....