https://www.taxtmi.com/caselaws?id=271182 The Tribunal determined that services received by UBI from SWIFT fell under "Banking and Other Financial Services," making UBI liable to pay service tax. The demand for service tax before 18/4/2006 was set aside, but upheld for the period after this date. The principle of mutuality did not apply, and penalties were waived due to the interpretative nature of the issue. The Revenue's appeal for the period after 18/4/2006 was partly allowed, reinstating the service tax demand but maintaining the waiver of penalties. The order was pronounced on 11/01/2016. en-us Mon, 11 Jan 2016 00:00:00 +0530 Thu, 29 Sep 2016 15:41:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=271182 The Tribunal determined that services received by UBI from SWIFT fell under "Banking and Other Financial Services," making UBI liable to pay service tax. The demand for service tax before 18/4/2006 was set aside, but upheld for the period after this date. The principle of mutuality did not apply, and penalties were waived due to the interpretative nature of the issue. The Revenue's appeal for the period after 18/4/2006 was partly allowed, reinstating the service tax demand but maintaining the waiver of penalties. The order was pronounced on 11/01/2016. Case-Laws Service Tax Mon, 11 Jan 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=271182