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2013 (7) TMI 819 - AT - Service TaxDemand of service tax – Whether the assessee would come under the category of “stock broking service” – two notices were served to the assessee - Held that:- The order of the department was set aside - no attempt has been made by the Revenue to classify the service and to demand service tax thereon - the principles of natural justice have been clearly violated - primary requirement is to put the appellant to notice under what taxable service category he is liable to service tax - the activity is private placement of shares which have not been listed in any recognized stock exchange - The activity comes under the category of Merchant Banking activity – putting the liability prior to 2001 does not hold ground - the decision in CCE, Chennai Vs. Sundaram Finance Ltd(2007 (1) TMI 495 - CESTAT CHENNAI)also supports the view - classification done by the department of private placement of shares under management consultancy service has no basis - appeal allowed in the favour of the assessee.
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