No Service Tax on Gold Coin Sales as Activity Held to Be Trading, Not Consignment Service

South Indian Bank Vs Commissioner of Central Excise and Service Tax (CESTAT Bangalore) The appeal was filed against an order confirming service tax demand of ₹1,56,46,660 along with interest and penalties under Sections 77 and 78 of the Finance Act, 1994. The dispute concerned whether the appellant was providing “Consignment Agent services” in relation to import and sale of gold coins during the period September 2011 to March 2014. The Revenue alleged that the appellant imported gold coins on a consignment basis and earned income from their sale, thereby rendering services classifiable a...