2014 (11) TMI 832

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..... ) (ix), "Banking & Other Financial Service" would include the bill discounting services provided by a banking company or a financial institution including a non-banking financial company or any other body corporate or commercial concern. Apparently, the bill discounting are related to processing charges collected by the said institutions from the recipient of service. But, in the present case, the .....

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..... rompt payment to their supplier and the supplier had extended discounts on the value of bills for such prompt payment. Commissioner (Appeals) observed that it is a bill discounting and service tax would be levied as definition of Banking Other Financial Service . Prima facie, we are unable to accept the contention of the Commissioner (Appeals). As per Section 65 (12) (a) (ix), Banking Other .....

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