https://www.taxtmi.com/caselaws?id=399505 The Tribunal ruled in favor of the appellants, finding that the fees charged by M/s Amsco Finance Ltd for 'third party payments' for exports were not taxable under 'banking and other financial services.' The charges deducted by foreign banks were deemed as bank-to-bank transactions and not services provided to the appellants. Additionally, the Tribunal determined that the demands for service tax under the 'negative list' regime from July 2012 were unfounded as the mediation by M/s Amsco Finance Ltd did not substitute the appellants' responsibilities. Penalties imposed under sections 77 and 78 of the Finance Act, 1994 were set aside due to the unsustainable service tax demands. en-us Thu, 08 Oct 2020 00:00:00 +0530 Tue, 13 Oct 2020 12:33:10 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=399505 The Tribunal ruled in favor of the appellants, finding that the fees charged by M/s Amsco Finance Ltd for 'third party payments' for exports were not taxable under 'banking and other financial services.' The charges deducted by foreign banks were deemed as bank-to-bank transactions and not services provided to the appellants. Additionally, the Tribunal determined that the demands for service tax under the 'negative list' regime from July 2012 were unfounded as the mediation by M/s Amsco Finance Ltd did not substitute the appellants' responsibilities. Penalties imposed under sections 77 and 78 of the Finance Act, 1994 were set aside due to the unsustainable service tax demands. Case-Laws Service Tax Thu, 08 Oct 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=399505