TaxTMI 
TaxTMI 
2026 (3) TMI 22
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....Financial Services' and 'Management or Business Consultant Service' under Reverse Charge Mechanism as the service provider is located outside India. 2. The appellant is a public limited company incorporated in 1985 under Companies Act, 1956 and engaged in the manufacture of wide range of components for automotive applications especially used in engine, transmission and suspension systems. The appellant was registered as an Input Service Distributor [(ISD)] with the Service Tax Department. The Officers of DGCEI, Delhi Zonal Unit gathered information that the appellant has paid certain fees/charges to the non-resident overseas service providers for raising foreign currency through a term loan by way of Global Depository Receipts [GDR] Exte....
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....d., London, Merill Lynch International, London, etc. located outside India and the services received by the appellants were liable to service tax under 'Banking & Other Financial Services'. Further, the services received for acquisition of industries were also liable to service tax under "Management Consultant Service'. Since, the service providers are not located in India, the service receiver i.e. the appellant was liable to pay service tax in terms of Rule 2(1)(d)(iv) of the Service Tax Rules, 1994 read with Explanation clause of Section 65(105), Section 66A and Section 68(2) of the Act. The provisions regarding taxability of services rendered by a non-residents (service provided from outside India and received in India) and ....
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....as been held as under:- "102.1. That once a resolution plan is duly approved by the adjudicating authority under sub-section (1) of Section 31, the claims as provided in the resolution plan shall stand frozen and will be binding on the corporate debtor and its employees, members, creditors, including the Central Government, any State Government or any local authority, guarantors and other stakeholders. On the date of approval of resolution plan by the adjudicating authority, all such claims, which are not a part of resolution plan, shall stand extinguished and no person will be entitled to initiate or continue any proceedings in respect to a claim, which is not part of the resolution plan. 102.2. The 2019 Amendment to Sect....
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....r of Central Tax, Bengaluru North West and CCE, Bangalore-II (Vice Versa) [2024(6) TMI 905-CESTAT-Bangalore] (iv) MC Nally Sayaji Engineering Ltd. Vs. Commissioner of CGST & CX, Bolpur Commissionerate [2023(4) TMI 1076-CESTAT-Kolkata] (v) Murli Industries Ltd. Vs. Commissioner of Central Excise, Nagpur [2019 (366) ELT 1052 (Tri- Mumbai)] 9. The principle that emerges from the various decisions of the Apex Court and of the Tribunal is that from the date of approval of the Resolution Plan by the NCLT, the appeal filed stands abated and the CESTAT becomes functus officio in the matters relating to the appeal. We may refer to the provisions of Rule 22 of the CESTAT Procedure Rules, 1982, which is quoted herein below:- ....
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.....2025 in S.T. Appeal No.40458 of 2014] where the issue involved in the present appeal has been decided in favour of the Revenue. The Tribunal held that a plain reading of para 2.3 of CBIC Circular F.No.B11/1/2000 TRU dated 09.07.2001 makes it very clear that the overseas agents who handle the issue of GDR/FCCB abroad are covered under issue management and the services rendered by them are covered under 'Merchant Banking Services' as defined in Section 65(12) of FA 1994. Therefore, the services received by the appellant from the service providers located abroad with regard to their GDR/FCCB issue are clearly covered under 'Banking and other Financial Service' as per subclause(iii) of Section 65(12) of the Finance Act, 1994. Further, as per S....