TaxTMI 
TaxTMI 
2008 (9) TMI 73
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....lant. N.J. Kumaresh for the Respondent. ORDER [Order per P.G. Chacko, Member (Judicial) - In adjudication of a show-cause notice dated 16-2-2007, the ld. Commissioner demanded service tax of over Rs. 2.49 crores from the appellants under the head "Banking and Other Financial Services" (BOFS) falling under section 65(12) of the Finance Act, 1994, for the period August 2002 to March 2006. ....
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....f the prices of goods and settlement of accounts. We are told that VISA is an international organization headquartered in Japan for the above services. In the facts of the present case, Citibank acted as both 'Issuing Bank' and 'Acquiring Bank' and, accordingly, the transactions took place between Citibank and VISA with the former acting in dual capacity. It is also noticed that th....
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....es and their clearing houses would not amount to "provision and transfer of information and data processing'. Contextually, we note that it was this limb of BOFS under section 65(12) of the Act which has been invoked by the department in the present case for levy of service tax from the appellant. It is also pointed out that the service received by the Acquiring Bank from VISA was similar to t....
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....ice received by the Acquiring Bank from VISA. The ld. consultant has also argued that VISA had their offices in India during the material period and, therefore, service tax, if any, ought to have been recovered from them in terms of the relevant provisions of the Finance Act, 1994 as they stood prior to 18-4-2006. In this connection, it is pointed out that it was on 18-4-2006 that section 66A was ....