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2011 (1) TMI 495 - AT - Service TaxDemand - banking and financial services - Foreclosure is ending the loan already given and cannot be treated as lending to the customers of loan, and in our considered opinion the same cannot be treated as rendering any services by the financial institution - it is a case of withdrawing the services rendered, at the request of the customers, and the foreclosure premium is a kind of compensation for possible loss of interest revenue on the loan amount returned by the customers. Therefore, the activity of foreclosure of loan can not be treated as "banking and financial services - Appeal is allowed
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