https://www.taxtmi.com/caselaws?id=253777 The court upheld the imposition of service tax on the conversion of foreign currency by a respondent-Bank, dismissing the petitioner's claim for exemption and clarifying the valuation method based on the difference between selling and RBI reference rates. The court emphasized that service tax is levied on each transaction, rejecting the petitioner's plea for a compounded tax liability option for the entire year. The writ petition was dismissed, affirming the legality of the tax collection by the respondent-Bank. en-us Tue, 19 Aug 2014 00:00:00 +0530 Wed, 03 Dec 2014 17:38:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=253777 The court upheld the imposition of service tax on the conversion of foreign currency by a respondent-Bank, dismissing the petitioner's claim for exemption and clarifying the valuation method based on the difference between selling and RBI reference rates. The court emphasized that service tax is levied on each transaction, rejecting the petitioner's plea for a compounded tax liability option for the entire year. The writ petition was dismissed, affirming the legality of the tax collection by the respondent-Bank. Case-Laws Service Tax Tue, 19 Aug 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=253777