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2014 (1) TMI 767 - CESTAT BANGALOREAccount maintenance charges - Stock broker service - Imposition of penalty - Held that:- activity of a stock broker and that of a Depository Participant are two distinct activities and they are separately registered for the said purposes. Prima facie, a Depository Participant need not be a stock broker and similarly a stock broker need not be a Depository Participant. Under these circumstances, the charges collected by the appellant towards ‘account maintenance charges’ as a Depository Participant may not be includible in the taxable value of stock broking services. Therefore, we waive pre-deposit of dues as per the impugned order and stay recovery thereof till disposal of the appeal - Stay granted.
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