TMI Blog2013 (12) TMI 972X X X X Extracts X X X X X X X X Extracts X X X X ..... n 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 f ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... is not sustainable on merit as well as on limitation. He submits that this is transfer of profit arising out of the FOREX transaction from the Kolkata Branch to their Chennai Branch and no service tax is required thereon. He also submits that the transfer of amount is nothing but internal allocation of the profit and no tax is imposable. He relied upon the decision of the Tribunal in the case of S ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... hat there is no evidence that Kolkata Branch has paid tax on this amount. 4. After hearing both sides and on perusal of the records, we find 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 a ..... X X X X Extracts X X X X X X X X Extracts X X X X
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