2018 (7) TMI 1750

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.... penalties has also been imposed on them by issuance of show cause notice dated 19.09.2011 for the period from May, 2006 to February, 2008 by invoking the extended period of limitation. 2. The facts of the case are that the appellant is a banking company and engaged in the business of issuance of 'credit cards' to their customers. The credit cards business having a system to operate, how the system is operated i.e., a bank issue the credit card is known as Issuing Bank to its customers When the customer uses that credit card, he goes to the Merchant purchase the goods by swiping the card, thereafter immediately transaction goes to the acquiring bank. The acquiring bank makes the payment to the merchant. At that time, the acquiring bank c....

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...., 1994. Therefore, no service tax is payable by the appellant. He further also submits that for the earlier period, a show cause notice was issued to the appellant for the same activity and the Larger Bench of this Tribunal in the case of Standard Chartered Bank vs. Commissioner of Service Tax, Mumbai-I reported at 2015 (40) S.T.R. 104 (Tri.-LB) has held that no service tax is payable on the said activity. Further, he submits that although there is change in the definition of Credit Card Services but the activity was known to the Department, therefore, extended period of limitation is not invokable. Further, he submits that moreover the audit took place in the year 2007-2008 whereas a show cause notice was issued on 19.09.2011, therefore th....