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Issues: Stay petition against Order-in-revision confirming a demand, interest, and penalty under the Finance Act.
Analysis: 1. Nature of Services Provided: The revisionary authority concluded that the appellants were providing services under clause II of Section 65(19) of the Finance Act 1994, specifically 'promotion or marketing of services.' The appellants argued that they were only marketing the initial public offer of shares issued by companies. 2. Prima Facie Case for Waiver: Upon reviewing the records, it was found that the applicant was managing the IPO issue and collection of application money. The services provided were to companies offering shares, which may not be considered a taxable service during the relevant period. Consequently, the applicant established a prima facie case for the waiver of pre-deposit of the amounts involved. 3. Decision and Stay: The Tribunal allowed the application for waiver of the pre-deposit of the amounts involved and stayed the recovery until the appeal's disposal. This decision was made after considering the nature of services provided and the prima facie case presented by the applicant. In conclusion, the Tribunal granted the stay petition, allowing the waiver of pre-deposit of the amounts involved and staying the recovery until the appeal's final disposal. The decision was based on the nature of services provided by the appellants and the finding that they had made out a prima facie case for the waiver.
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