2008 (6) TMI 159

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....Agarwal, Consultant, for the Appellant. Shri A.K. Saxena, SDR, for the Respondent. [Order per: Jyoti Balasundaram, Vice President]. - We have heard both sides on the application for waiver of pre-deposit of service tax of Rs. 53,88,163/- and penalty of equal amount imposed under Section 76, Rs. 1000/- under Section 77 and Rs. 60/- lakhs under Section 78 of the Finance Act, 1994. The demand h....

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....ement consultancy services, for the reason that the advice is only in relation to merchant banking services which service came into the service tax net only with effect from 16-7-2001 end, therefore, prima facie the service tax demand is not sustainable on merits. Further submission of the applicants is that the demand raised for the period mentioned above under the show cause notice dated 4-4-200....

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....ion to the nature of the services provided by the applicants, as set out in para 14 of the impugned order and submits that although the applicants are rendering merchant banking services, some of the services rendered by them are in the nature of management consultancy services and therefore, even for the period prior to 16-7-2001, such services provided by the applicants will fall within the defi....

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....se circumstances, he urges that the application may be dismissed and the applicants be directed to deposit service tax together with the penalties. 4. We have carefully considered the rival submission and find prima facie force in the contention that the nature of the services provided by the applicants will prima facie not fall within the definition of management consultancy services which rem....