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2019 (2) TMI 867 - AT - Service TaxBanking or Other Financial Services - levy of service tax on Vostro and SWIFT transactions - Held that:- The Tribunal in own case INDIAN OVERSEAS BANK VERSUS CCE & ST, CHENNAI [2018 (7) TMI 513 - CESTAT CHENNAI] had held that Vostro transactions amount to export of service and therefore, had set aside the demand in respect of Vostro transactions - the demand on Vostro transactions cannot sustain and requires to be set aside. SWIFT transactions - Held that:- The Tribunal held that the said transaction falls under Sub-Clause (vii) of Banking or Other Financial Services under Section 65(12) of the Finance Act, 1994 and held that it is a taxable activity - the demand raised in respect of SWIFT transactions requires to interference. Penalty - Held that:- Taking note of the fact that the issue is interpretational, we are of the considered opinion that the appellant has given reasonable cause for not paying service tax on SWIFT transactions - penalty set aside. Appeal allowed in part.
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