iifl-logo

Invest wise with Expert advice

By continuing, I accept the T&C and agree to receive communication on Whatsapp

sidebar image

Court Clash: HSBC Accuses Government of Ignoring Order, Demands Money

17 Jan 2024 , 01:10 AM

HSBC has accused the Central government of being in contempt of court for allegedly disobeying the Bombay High Court’s decision to refund service tax.

In a previous ruling on a service tax dispute, the Bombay High Court found in favour of HSBC and ordered the tax department to reimburse the service tax. According to HSBC, the administration has disregarded the court’s ruling.

HSBC underwent an audit of its books and records from March 2007 to 2012. The auditor brought to HSBC’s attention that it had failed to pay service tax on the interchange money it had received throughout this time. Despite the tax department not making a service tax demand, HSBC voluntarily deposited Rs 56 crore following the release of the audit findings.

Following the release of the final audit report, HSBC requested a refund since the tax department had appropriated the deposited funds without issuing a notice of cause.

The petitioner had paid the money openly, according to the tax department, and the validity of the deposit was immaterial because the Supreme Court was considering a case involving a related issue.

For feedback and suggestions, write to us at editorial@iifl.com

File:HSBC logo (2018).svg - Wikipedia

Related Tags

  • Government
  • HSBC
  • service tax
sidebar mobile

BLOGS AND PERSONAL FINANCE

Read More

Invest wise with Expert advice

By continuing, I accept the T&C and agree to receive communication on Whatsapp

Knowledge Center
Logo

Logo IIFL Customer Care Number
(Gold/NCD/NBFC/Insurance/NPS)
1860-267-3000 / 7039-050-000

Logo IIFL Capital Services Support WhatsApp Number
+91 9892691696

Download The App Now

appapp
Loading...

Follow us on

facebooktwitterrssyoutubeinstagramlinkedintelegram

2025, IIFL Capital Services Ltd. All Rights Reserved

ATTENTION INVESTORS

RISK DISCLOSURE ON DERIVATIVES

Copyright © IIFL Capital Services Limited (Formerly known as IIFL Securities Ltd). All rights Reserved.

IIFL Securities Limited - Stock Broker SEBI Regn. No: INZ000164132, PMS SEBI Regn. No: INP000002213,IA SEBI Regn. No: INA000000623, SEBI RA Regn. No: INH000000248
ARN NO : 47791 (AMFI Registered Mutual Fund Distributor)

ISO certification icon
We are ISO 27001:2013 Certified.

This Certificate Demonstrates That IIFL As An Organization Has Defined And Put In Place Best-Practice Information Security Processes.