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2013 (9) TMI 222 - CESTAT BANGALORENature of Service – Collecting funds from investors - Demand of service tax was made by the department on the ground that amounts spent by various trusts which were known as ‘Funds’ and which were engaged in the activity of collecting funds from investors and investing them were liable to tax – Held that:- Assesse had not been able to make out a prima facie case - provision for investment losses cannot be considered as part of expenses for providing service - the claim of the assesse that he was eligible for CENVAT credit in respect of various services received by the venture capital fund and once these were taken into account and also the expenses relating to provision for investment losses cannot be taken into account as credit. Stay granted subject to deposit of Rs. 2 crores.
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