https://www.taxtmi.com/caselaws?id=335645 The appeal challenged the demand of service tax on bill discounting activity, with the appellant arguing they are not engaged in banking or financial services. The Tribunal allowed the benefit of Notification No. 29/2004-ST, holding that the exemption applies regardless of labeling as interest or discount. The appellant's claim of exemption under the notification was initially denied but later directed for verification of documents. The issue of limitation on the demand was briefly discussed, with the Show Cause Notice period and issuance date noted. The Tribunal ruled that the appellant, despite being a body corporate, falls under the classification of banking or financial services for service tax purposes. en-us Tue, 29 Nov 2016 00:00:00 +0530 Fri, 01 Sep 2017 11:07:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=335645 The appeal challenged the demand of service tax on bill discounting activity, with the appellant arguing they are not engaged in banking or financial services. The Tribunal allowed the benefit of Notification No. 29/2004-ST, holding that the exemption applies regardless of labeling as interest or discount. The appellant's claim of exemption under the notification was initially denied but later directed for verification of documents. The issue of limitation on the demand was briefly discussed, with the Show Cause Notice period and issuance date noted. The Tribunal ruled that the appellant, despite being a body corporate, falls under the classification of banking or financial services for service tax purposes. Case-Laws Service Tax Tue, 29 Nov 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=335645