https://www.taxtmi.com/caselaws?id=262769 The court clarified that services related to settlement of payments in credit card transactions did not fall under "credit card services" under Banking and Other Financial Services (BOFS) for the period before 01-05-2006. Sub-clause (iii) in Section 65(33a) was not retroactively applicable. The definition of "customer" in credit card services included merchant establishments and banks. Merchant Establishment Discount (ME Discount) retained by acquiring banks was not taxable under BOFS. The judgment provided detailed analysis of statutory provisions and legislative intent, overturning the previous decision in ABN Amro Bank. en-us Fri, 14 Aug 2015 00:00:00 +0530 Fri, 17 Jun 2016 17:28:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=262769 The court clarified that services related to settlement of payments in credit card transactions did not fall under "credit card services" under Banking and Other Financial Services (BOFS) for the period before 01-05-2006. Sub-clause (iii) in Section 65(33a) was not retroactively applicable. The definition of "customer" in credit card services included merchant establishments and banks. Merchant Establishment Discount (ME Discount) retained by acquiring banks was not taxable under BOFS. The judgment provided detailed analysis of statutory provisions and legislative intent, overturning the previous decision in ABN Amro Bank. Case-Laws Service Tax Fri, 14 Aug 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=262769