2013 (12) TMI 972

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....ding banking and other financial services. There is a demand of tax of Rs.16,68,943/- along with interest and equal amount of penalty for the period 10.9.2004 to 31.3.2005 on the ground that the applicant received the amount from the Foreign Exchange Department, Kolkata in the nature of FOREX trading / dealing or otherwise as FOREX on which service tax is leviable. 2. The learned counsel submits ....

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.... learned AR reiterates the findings of the Commissioner (Appeals). He submits that this is a transaction in the nature of commission. He submits that in the profit and loss account it was shown as commission, exchange and foreign exchange remuneration and therefore tax is leviable. He also submits that this amount was not shown in the monthly statement and it is clear case of suppression of fact. ....