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2017 (11) TMI 1400 - CESTAT CHENNAIBusiness Auxiliary services - Banking and other financial services - deposit processing services - insurance policy processing services - accounting services - levy of service tax - Held that: - it is incorrect to hold that the activities of deposit processing, insurance policy processing and accounting services would fall within the banking and other financial services - demand set aside. However, the issuance of power plus card for purchase of fuel, in our view, being issuance of credit card or lending would fall within the ambit of banking and other financial services. On these activities, the appellants are liable to pay service tax - demand upheld. Penalty u/s 76 and 78 - Held that: - Since we have already held that the appellant is not liable to pay service tax on the above such services, except for power plus cards for purchase of fuel, we are of the view that the imposition of penalties is unwarranted and requires to be set aside. Appeal allowed in part.
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