2024 (7) TMI 619

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....sioner of GST & CX, Mumbai East on the ground that Appellant had provided corporate guarantees to overseas entities is assailed in this appeal. 2. Facts of the case, in a nutshell, is that Appellant is engaged in construction of residential properties and it had issued corporate guarantees in favour of its subsidiaries to various banks and financial institutions without any commission/fee/brokerage or any other form of consideration. Holding the said guarantee to be a taxable service under the head "banking & other financial services" falling under Section 65(105)(zm) of the Finance Act, 1994 for the period up to 30.06.2012 and for the period from 01.07.2012 as leviable to Service Tax since not covered under exempted service or negative li....

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....which the order passed by the Commissioner is unsustainable both in law and facts. He took us to para 9 of the show-cause notice and para 29 of the Order-in-Original to justify that such corporate guarantees to overseas entities were given without consideration, for which the order passed by the Commissioner is required to be set aside. 4. Learned Authorised Representative for the Respondent- Department Mr. Badhe Piyush Barasu argued in support of the reasoning and rationality of the order passed by the Principal Commissioner. 5. We have gone through the case record and the synopsis submitted on behalf of the Appellant. As could be noticed from para 3 of the synopsis and para 4.13 to 4.15 of the subject show-cause notice, "consideration" ....