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TMI Blog2011 (2) TMI 320X X X X Extracts X X X X X X X X Extracts X X X X ..... r the head “Banking and other Financial Services” (BOFS) - When the card holders used the cards for shopping abroad, they had to pay in foreign currency and HDFC recovered from them, in addition to the exact value of the goods in foreign currency, 3.5% towards what they called “margin of profit” - BOFS include “credit card services” provided by a banking company like HDFC - Decided against the ass ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... April 2002 to 31.04.2006 and the present application seeks waiver of pre-deposit of stay and recovery in respect of this amount (Rs.74 lakhs) approx.) as well as in respect of the penalty imposed on the appellant. The interest on service tax and education cess worked out by the adjudicating authority also stands paid. At present, the issue debated before us is whether the appellant-bank is liable ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... this amount should be regarded as value for service rendered by the bank to their own card holders abroad. In this connection, we have come across the definition of BOFS under section 65(12) of the Finance Act, 1994. BOFS include "credit card services" provided by a banking company like HDFC. The appellant through their Consultant has made an endeavour to show that the above profit margin cannot b ..... X X X X Extracts X X X X X X X X Extracts X X X X
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