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2011 (6) TMI 359 - AT - Service TaxWaiver of pre-deposit - Banking and Other Financial Services - profit earned from the Foreign Department of the bank at Calcutta for foreign exchange transactions during the period 2004-05 to 2006-07 - Held that - In the light of Circular No.92/3/2007-ST, dated 12.03.2007 and in the light of the Tribunal s stay order in State Bank of Bikaner & Jaipur Vs Commissioner of Central Excise , Jaipur-I 2009 (5) TMI 826 - CESTAT NEW DELHI holding that prima facie profit earned on foreign exchange is not liable to service tax - Therefore, waive pre-deposit of the amounts in dispute and stay recovery thereof pending the appeal.
The Appellate Tribunal CESTAT, Chennai heard an application for waiver of pre-deposit of service tax and cess on profit earned from foreign exchange transactions by a bank. The demands were confirmed under Section 65(12) of the Finance Act, 1994. The Tribunal waived the pre-deposit based on a prima facie case made by the assessees, citing Circular No.92/3/2007-ST and a previous Tribunal's stay order. Recovery of the amounts in dispute was stayed pending the appeal. (Operative portion of the order pronounced on 20.06.2011)
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