https://www.taxtmi.com/article/detailed?id=11278 Foreclosure charges collected by banks and NBFCs on premature loan termination are not taxable under Banking and Other Financial Services as defined by Section 65(12) of the Finance Act; the tribunal, relying on a larger-bench precedent, held that such penal preclosure fees do not fall within the enumerated BOF services and set aside revenue demands and orders seeking service tax, interest and penalties on those charges. en-us Tue, 04 Apr 2023 10:31:16 +0530 Tue, 04 Apr 2023 10:31:16 +0530 TaxTMI RSS Generator https://www.taxtmi.com/article/detailed?id=11278 Foreclosure charges collected by banks and NBFCs on premature loan termination are not taxable under Banking and Other Financial Services as defined by Section 65(12) of the Finance Act; the tribunal, relying on a larger-bench precedent, held that such penal preclosure fees do not fall within the enumerated BOF services and set aside revenue demands and orders seeking service tax, interest and penalties on those charges. Articles Service Tax Tue, 04 Apr 2023 10:31:16 +0530 https://www.taxtmi.com/article/detailed?id=11278