Service Tax Demand Quashed as Gold Sale Margin Was Trading Income, Not Commission: CESTAT Bangalore

Federal Bank Ltd. Vs Commissioner of Central Excise (CESTAT Bangalore) Profit Margin on Imported Gold Not Taxable as No Consignment Agent Service Was Rendered; Imported Gold Profit Margin Escapes Service Tax Because No Consideration Was Received for Services; CESTAT Sets Aside Tax Demand Because Sale of Consignment Gold Did Not Constitute Agent Service; No Service Tax on Gold Trading Margin Because Bank Was Not Acting as Clearing and Forwarding Agent. The appellant, a banking company, imported gold bullion on a consignment basis in terms of RBI Master Circular No. 7/2011-12 dated 01.07.2011. T...