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2013 (12) TMI 972 - CESTAT CHENNAIStay application - Demand of service tax - Receipt of amount from the Foreign Exchange Department, Kolkata in the nature of FOREX trading / dealing or otherwise as FOREX - Held that:- There is no dispute that the amount was transferred from the Kolkata Branch to the applicant’s Branch. It is also seen from the adjudication order that this amount is in relation to the profit arising out of the FOREX transaction credited to exchange and commission account of the branch. We find that the Tribunal in the applicant’s own case allowed the appeal with the observation that tax is not leviable on the profit earned out of dealing in foreign exchange. In view of that the applicant has made out a prima facie case for waiver of predeposit of the entire dues - Prima facie case in favour of assessee - Stay granted.
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