https://www.taxtmi.com/caselaws?id=437330 Scheduled banks acting as statutory agents of the Reserve Bank of India were entitled to service-tax exemption on commission received for services performed on the RBI's behalf. The exemption notification under section 93 of the Finance Act, 1994 covered taxable services provided to the RBI, and the banks' activities under section 45 of the Reserve Bank of India Act, 1934 were attributable to the principal under agency principles reflected in section 65(7) of the Finance Act, 1994. As the services were rendered in the banks' capacity as statutory agents, the service-tax demand could not be sustained and the exemption applied. en-us Wed, 25 Jan 2023 00:00:00 +0530 Wed, 26 Jul 2023 14:35:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=437330 Scheduled banks acting as statutory agents of the Reserve Bank of India were entitled to service-tax exemption on commission received for services performed on the RBI's behalf. The exemption notification under section 93 of the Finance Act, 1994 covered taxable services provided to the RBI, and the banks' activities under section 45 of the Reserve Bank of India Act, 1934 were attributable to the principal under agency principles reflected in section 65(7) of the Finance Act, 1994. As the services were rendered in the banks' capacity as statutory agents, the service-tax demand could not be sustained and the exemption applied. Case-Laws Service Tax Wed, 25 Jan 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=437330