Can a Contractual Obligation Constitute Consideration? Karnataka High Court Clarifies the Scope of Service Tax in Canara Bank
Can the mere contractual obligation of a bank customer to maintain a Minimum Average Balance (MAB) be artificially treated as a “non-monetary consideration” to levy service tax on otherwise free banking facilities? In a significant ruling delivered in Canara Bank v. The Union of India (with connected matters)1, the High Court of Karnataka answered this question in the negative. Ruling […]
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