2014 (12) TMI 659

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.... JJ. For the Appellant : Shri S S Gupta, CA For the Respondent : Shri D Nagvenkar, Additional Commissioner (AR) ORDER Per: Ashok Jindal: The applicant is seeking waiver of pre-deposit of service tax, interest and penalties confirmed against them by way of the impugned orders. 2. The applicant is a Banking Financial Company issuing guarantees to various corporate entities for that....

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....te entities. It is the contention of the applicant that it is not providing any service under banking and other financial service as defined under Section 65 (12) of the Finance Act, 1994 as only guarantee issued by the bank is liable to service tax. It is further contended that it is not holding banking licence, therefore it is not required to pay service tax. Therefore the applicant is not requi....

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..... Therefore, Revenue has rightly confirmed the demand of service tax against the applicants. 5. Heard both sides. Considered the submissions. 6. It is no doubt that applicant is not a banking company and service tax is payable only on the issuance of the bank guarantee issued by the bank. Further, we have seen the impugned order wherein in one case, the guarantee has been given by the bank; ....