2011 (6) TMI 442

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....mrish Jain, DR Per D.N. Panda : At the time of passing of an interim order on 25.5.2009, the Tribunal has observed that service tax on the profit earned on Foreign Exchange is not exigible by Finance Act, 1994. It was also noticed that looking to the provision of law applied by ld. Appellate Authority below i.e., Section 65(105)(zm) and 65(105)(zzk), the Bench was of the view that the Appell....

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....any amount received in dealing Foreign Exchange shall be subject matter of tax under Finance Act, 1994 that being a receipt from banking and other financial services. 4. We have examined thoroughly the taxable entry as stated aforesaid which brought service provided to the customer by a banking company or a financial institution including a non-banking company. We have also examined the meaning....