9911796707
TMI Blog2014 (1) TMI 1787X X X X Extracts X X X X X X X X Extracts X X X X ..... unting facilities and alike provided by a banking company or a financial institution including a non-banking company or a financial institution including a non-banking company or any other body corporate or commercial concern - On a true and fair construction of the services provided by the overseas banks, through the intervention of the Petitioner’s local bank, it cannot be gainfully contested that the overseas bank provided banking and financial services to the Petitioner. Appeal rejected - decided against appellant. - ST/26923/2013 - Final Order No. 20130/2014 - Dated:- 8-1-2014 - G. Raghuram, President and Shri P.R. Chandrasekharan, Member (T) Shri S. Tirumalai, Sr. Advocate with Harish Bindumadhavan, Advocate, for the Appell ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... liable partner of international pharmaceutical companies offering full range of tailor-made developmental and international regulatory services in the fields of human and veterinary medical products, nutraceuticals, herbal medicinal products and cosmetics. The CV of DADA further asserts that this agency provides any state-of-the-art regulatory affairs and pharmacovigilance services, has a passion for detail; and partnerships to over 50 international pharmaceutical companies and supported by a network of external experts apart from in-house team of dedicated and highly trained professionals in the pharmaceutical and biomedical field. Foreign service providers including Dada, provided to the Petitioner, combined non-clinical and clinical over ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ut in the appropriate sub-clause of Section 65 rather than which provides more generic description of the taxable service, vide Section 65A(2)(a). In the light of the guidelines mandated by Section 65A, prima facie, the classification arrived at by the adjudicating authority, of the services, appears unassailable. 5. Services provided by the overseas banks to the Petitioner clearly fall within the ambit of banking and financial services defined in Section 65(12) and enumerated to be a taxable service under Section 65(105)(zm) of the Act. Banking or financial services are inter alia defined to mean other financial services, namely, transfer of money indulging telegraphic transfer, mail transfer and electronic transfer, letter of credit, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... oner under management or business consultancy service. 7. In view of the submission of the learned counsel, we grant waiver of pre-deposit and stay of further proceedings pursuant to the impugned adjudication order, on the condition that the Petitioner remits entirety of service tax assessed for being the recipient of banking and financial services and for scientific or technical consultancy service (excluding the component of penalty) with proportionate interest and after taking credit for any amount of service tax already remitted under management or business consultancy service, within four weeks and reports compliance by 6th February, 2014. After deposit as directed above, the Petitioner is at liberty to produce copy of such remi ..... X X X X Extracts X X X X X X X X Extracts X X X X
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