https://www.taxtmi.com/caselaws?id=438927 The Tribunal ruled in the case involving M/s. Cholamandalam Investment & Finance Company Ltd. that 'delayed payment charges' were not taxable under 'Banking and Other Financial Services' up to 30/06/2012, as they were penalties for default and not part of the taxable service. Additionally, from 01/07/2012, the charges were not considered a 'declared service' and were therefore not subject to service tax. The Tribunal set aside the orders, allowing the appeals and dismissing issues related to valuation, interest, and penalties, providing consequential relief as per law. en-us Mon, 12 Jun 2023 00:00:00 +0530 Mon, 12 Jun 2023 18:50:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=438927 The Tribunal ruled in the case involving M/s. Cholamandalam Investment & Finance Company Ltd. that 'delayed payment charges' were not taxable under 'Banking and Other Financial Services' up to 30/06/2012, as they were penalties for default and not part of the taxable service. Additionally, from 01/07/2012, the charges were not considered a 'declared service' and were therefore not subject to service tax. The Tribunal set aside the orders, allowing the appeals and dismissing issues related to valuation, interest, and penalties, providing consequential relief as per law. Case-Laws Service Tax Mon, 12 Jun 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=438927