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2011 (9) TMI 811 - CESTAT, NEW DELHIStock broker / sub broker - stock broker service or business auxiliary service - During the period of dispute, as per the SEBI guidelines, even though a transaction of sale or purchase of a security was through a sub-broker, it was only the main broker who could issue the transaction note and could issue the bill to the client for the total amount of brokerage - with effect from April 2005 as per the new SEBI guidelines, the bills for the brokerage could be raised only by the main broker and the sub-broker would get only the commission, which was part of the gross amount of brokerage - The appellant, being a sub-broker are obviously covered by the definition of stock broker and even as sub-broker, their activity in connection with sale or purchase of securities listed on stock exchange for their clients has to be treated as service provided by stock broker in connection with sale or purchase of securities covered by Section 65(105)(a) - Larger Bench of the Tribunal in the case of Vijay Sharma & Co. v. C.C.E., Chandigarh reported in (2010 -TMI - 78818 - CESTAT, NEW DELHI) - Decided in favor of the assessee by way of remand to Commissioner for de novo decision
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