2025 (11) TMI 1697

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....Tax, proceedings were initiated against the appellant. 2. After due process, the ld. Adjudicating authority confirmed the demand. 3. Being aggrieved, the appellant is before the Tribunal. 4. The Ld. Consultant appearing on behalf of the appellant submits that admittedly, the issue pertains to the commission received by the appellant on account of the treasury activities taken up on behalf of the Reserve Bank of India. He submits that this issue is no more res integra and cites the case law of Canara Bank v. CST, Bangalore [2012 (6) TMI 274 - CESTAT, Bangalore] wherein the Tribunal has held that such a demand is not legally sustainable; it is pointed out that against this order, the Revenue had preferred an appeal before the Hon&#39....

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.... agent at all places, or at any place in India for such purposes as the Bank may specify. (2) When any bank is appointed by the Bank as its agent under sub-section (1) to receive on behalf of the Bank any payment required to be made into the Bank, or any bill, hundies or other securities required to be delivered into the Bank, under any law or rule, regulations or other instructions having the force of law, the same may be paid or delivered into the bank so appointed as the agent of the Bank. 12. From the above it can be seen that RBI have the right to transact Government business and allow an agent to perform its function. From the Agreement also it is quite clear that Canara Bank have been appointed as an agent. We find ....

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....of the notification of the Government of India in the Ministry of Finance, (Department of Revenue) No. 7/2006-Service Tax dated the 1st March, 2006, except as respects things done or omitted to be done before such supersession, the Central Government, on being satisfied that it is necessary in the public interest so do do, hereby exempts the following taxable services from the whole of the service tax leviable thereon under section 66 of the said Finance Act, namely: 1. taxable services provided or to be provided to any person, by the Reserve Bank of India; 2. taxable services provided or to be provided by any person, to the Reserve Bank of India when the service tax for such services is liable to be paid by the Reserve Ba....