SERVICE TAX:
the Hon’ble Supreme Court of India, dismissed the SLP filed by the Union of India against the judgment of the Hon’ble Delhi High Court in the case of Union of India Vs. Delhi Chit Fund Association, meaning thereby that the decision of the Hon’ble Delhi High Court in the said matter holds good. The consideration received for providing services in relation to the chit fund business, being merely a transaction in money, falls outside the purview of the term ‘service’ as defined under Section 65B(44) of the Finance Act. Hence, it is not eligible to service tax.
BANKING LAW:
The Mumbai Suburban District Forum in the case of Sh. Anant Nitare versus the Managing Director, ICICI Bank, held that when one- time settlement had been signed, stamped and sealed and acknowledged by the bank, thereafter, the bank was not entitled to make a demand for further payment of the amount which had been waived off. It restrained ICICI Bank from making any further demand. A bank cannot induce a customer to opt for a one- time settlement and then back out on the settlement.
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