2014 (1) TMI 200

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....ri P.N. Sarmaiya, AR, for the Respondent. ORDER This stay petition is filed for the waiver of pre-deposit of service tax of Rs. 3,39,55,471/- with interest and penalties under various sections of Finance Act, 1994. 2. The above said amounts have been confirmed as liability to service tax under the reverse charge mechanism on the appellant, on the ground that the appellant has made ar....

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....borrowings for setting up a unit in Special Economic Zone. It is also undisputed that the said external commercial borrowings could not be raised and arrangement had to be cancelled and the appellant has received the amount back from the agency to whom they had given advance. Be that as it may, we find that Notification No. 4/2004-S.T. specifically discuss about the exemption of taxable service of....