Service tax payable on service of foreign institutions availed in getting ECBs

M/s. Paramount Communications Ltd. Vs CCE (CESTAT Delhi) It is a matter of record that the appellant assessee have availed services of certain foreign based agencies for receiving external foreign commercial borrowings (ECB) from abroad. It is also a matter of fact that during 2006 to 2007, certain payments in the form of commission have been paid by the appellant assessee to the service provider in foreign exchange. It has not been denied by the appellant that services received by them are classifiable under the category of Banking and Financial Services as provided under section 65 (105) (zm...