https://www.taxtmi.com/caselaws?id=410341 The Tribunal ruled in favor of the appellant, a Nationalized Bank, in a case concerning service tax demands on interest earned from lending gold and safe-vault services provided to foreign sellers. The Tribunal held that the interest earned on metal loans by the bank was not subject to service tax as it was not explicitly taxable under the Finance Act, 1994. Additionally, the Tribunal found no evidence of agreed consideration for safe-vault services provided to foreign sellers, leading to the dismissal of the service tax demand in that regard. The appeal was allowed, setting aside the service tax demands in both disputed scenarios. en-us Thu, 22 Jul 2021 00:00:00 +0530 Fri, 30 Jul 2021 09:09:25 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=410341 The Tribunal ruled in favor of the appellant, a Nationalized Bank, in a case concerning service tax demands on interest earned from lending gold and safe-vault services provided to foreign sellers. The Tribunal held that the interest earned on metal loans by the bank was not subject to service tax as it was not explicitly taxable under the Finance Act, 1994. Additionally, the Tribunal found no evidence of agreed consideration for safe-vault services provided to foreign sellers, leading to the dismissal of the service tax demand in that regard. The appeal was allowed, setting aside the service tax demands in both disputed scenarios. Case-Laws Service Tax Thu, 22 Jul 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=410341