Home Case Index All Cases Service Tax Service Tax + HC Service Tax - 2017 (9) TMI HC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2017 (9) TMI 1385 - BOMBAY HIGH COURTClassification of services - “Financial Advisory Services” in respect of energy, banking, development, finance, transport and urban infrastructure, disinvestment and risk management - whether classified under the head Banking and other Financial Services or under the head Management Consultancy Service? - Held that: - the Financial Advisory Services undertaken by the Respondent have been introduced for the first time in “Banking and other Financial Services” with effect from 16th August 2002 - From the definition of Banking and other Financial Services, it is clear that Financial Advisory Services were included as a part of the said services. Insofar as “Management Consultancy Services” are concerned these have at all times been under the Finance Act and chargeable to service tax. This would be the case even after the inclusion of Advisory and Auxiliary Financial Services under “Banking and other Financial Services” on 16th August 2002 - it is not open for the Appellant to take a contrary stand viz. that the Financial Advisory Services were falling under “Management Consultancy Services” prior to 16th August 2002. The Appellate Tribunal have also observed that the Board Circular dated 7th October 1998 categorically clarified that information and advisory services, if any, rendered by credit rating agency would not attract service tax. The Appellate Tribunal has arrived at correct finding that the advisory services provided by the Respondent does not fall under category of “Management Consultancy Services” and is correctly classified under the “Banking and other Financial Services” - Appeal dismissed - decided against Revenue.
|