Dismissing the appeal of the Revenue, the Court held that the Revenue has made no effort to assail the concurrent finding recorded by the Principal Commissioner of GST and the Tribunal that the assessee has not received any consideration while providing corporate guarantee to its group companies or to demonstrate that issuance of corporate guarantee to group companies without consideration would be a taxable service. Appeal of Revenue is dismissed.
Commissioner of CGST & Central Excise v. Edelweiss Financial Services Ltd. (2023) 332 CTR 40 /224 CTR 194(SC)
S. 65(12): Taxable services-Banking and other financial services-Issuance of corporate guarantee to a group company without consideration-Not received any consideration-Appeal of Revenue is dismissed.[S. 65B(14), Art. 136]