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2011 (6) TMI 442 - AT - Service TaxService tax on the profit earned on Foreign Exchange - Revenue contented that any amount received in dealing Foreign Exchange shall be subject matter of tax under Finance Act, 1994 that being a receipt from banking and other financial services - Held that:- There is no intention of legislature to tax the profit earned out of dealing in foreign exchange. What that is necessity of Finance Act, 1994 is that the gross value received providing taxable service is intended to be taxed under that law. Finding no scope to bring profit to the ambit of tax under Finance Act, 1994 - Decided in favor of assessee.
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