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2023 (8) TMI 793 - CESTAT AHMEDABADLevy of Service Tax - Brokerage/Commission received towards the services relating to public issue of Equity Shares/Bonds - HELD THAT:- The issue is no longer res-Integra as the identical issue related to the demand on commission received towards public issue of Equity Shares/Bonds has been decided in the favour of the assessee in various Judgments. Reliance can be placed in the case of EDELWEISS FINANCIAL ADVISORS LIMITED VERSUS COMMISSIONER OF CENTRAL EXCISE & ST, AHMEDABAD [2022 (12) TMI 975 - CESTAT AHMEDABAD], where In the light of decision of this Tribunal in M/S ANAGRAM STOCK BROKING LTD VERSUS COMMISSIONER OF SERVICE TAX, AHMEDABAD [2018 (10) TMI 641 - CESTAT AHMEDABAD] wherein the present appellant is also one of the appellants, has decided the same issue in their favour - It was held in the case that the allegation of the department that the demat charges collected by the brokers are banking and financial service, hence taxable, also devoid of merit in as much such charges are collected by the Appellant and paid to the depository participants viz. CDSL/NSDL who are authorised to levy such charges under the Depositories Act, 1996. In view of the above decision of this Tribunal, the issue that whether the consideration received towards the service relating to Initial Public Offering (IPO) of Shares/Bond is not liable to Service Tax under ‘Business Auxiliary Services’. The impugned order is not sustainable - Appeal allowed.
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