9911796707
TMI Blog2011 (2) TMI 320X X X X Extracts X X X X X X X X Extracts X X X X ..... ppellant, HDFC Ltd., is a banking company. A demand of service tax and education cess together amounting to Rs.2.04 crores (approx) has been confirmed against them for the period of April 2002 to April 2007 in adjudication of a show-cause notice dated 18.10.2007 which invoked the extended period of limitation. An amount of Rs.1.30 Crores (approx.) was paid by the Bank during the course of investig ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... gh credit cards availed by them abroad. When the card holders used the cards for shopping abroad, they had to pay in foreign currency and HDFC recovered from them, in addition to the exact value of the goods in foreign currency, 3.5% towards what they called "margin of profit". The taxable value for the demand of Rs.74 lakhs (approx.) is the aggregate of this margin collected by HDFC from their cr ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... a comparable period, it was held that recoveries made by Citybank from their credit card holders in respect of transactions done abroad were covered by "credit card services" falling under clause (ii) of BOFS under section 65(12) of the Act. HDFC has no financial hardships. 2. In the result, there will be a direction to the appellant to pre-deposit the amount of Rs.74 lakhs within four weeks and ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
