2012 (5) TMI 468 - AT - Service Tax

Waiver of pre-deposit of Service tax - Banking and other financial services. - there is no evidence on record to show that the amounts collected were in connection with the loans granted by the assessees to the individuals, pre-deposit waived

Summary

The Appellate Tribunal CESTAT, Chennai heard the application for waiver of pre-deposit of Service tax of Rs. 98,57,126/- confirmed under 'Banking and other financial services.' The tax was confirmed on various amounts collected from individual borrowers, but there was no evidence connecting these amounts to loans granted. As a result, the Tribunal waived the pre-deposit and stayed recovery pending the appeal.