2011 (1) TMI 495

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....d financial services. The dispute relates to an amount of Rs.8,06,059/- collected on account of premium on pre-payment of direct loans from their customers 1.9.04 to 31.3.06. The original authority in pursuance of SCN dt.26.12.06 confirmed the demand of service tax of 82,215/- treating the amount collected as service charges received for services rendered under the category "banking and other financial services", he however did not impose penalty invoking the provisions of section 80 of the Finance Act, 94. The Commissioner (Appeals) has upheld the order of the original authority. 4.1 Learned Advocate for the appellant submits that the amount received towards re-scheduling of loan and fore-closure of loan is not towards rendering any ser....

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....investment and portfolio research and advice, advice on mergers and acquisition and advice on corporate restructuring and strategy; and     (vii) provision and transfer of information and data processing:     1. The taxable service, as per section 65(72)(zm) means any service provided, to a customer, by a banking company or a financial institution including a non banking financial company, in relation to banking and other financial services.     2. The definitions of 'banking', 'banking company', 'financial institution' and 'non-banking financial company' as per the Banking Regulation Act, 1949 and Reserve Bank of India Act, 1934 are given below:-     "banking" means th....