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2015 (11) TMI 1177 - AT - Service TaxDemand of service tax - whether service tax liability arises on the appellant under the category of ‘Banking and other Financial Services’ for the commission received by them on new issues & other commission - whether the appellant is liable to pay the service tax on an amount received for deputation of persons to some other assessees - Held that:- Amount received by the appellant as commission for initial public offer and other activities that they are engaged only for their clients in respect of new issues. Revenue wants to tax this amount under the category of Banking and other Financial Services holding that the appellant would fall under the category of Financial Institutions. We do not agree with the contentions raised by the learned D.R. for the Revenue nor do we accept the findings by the first appellate authority on this issue. Basically, the definition of financial institutions which sought to be relied upon by the lower authorities and the representative is misplaced in as much this Bench in the case of Parag Parikh Financial Advisory Services Ltd. [2015 (2) TMI 351 - CESTAT MUMBAI] has considered identical issue Activity of the appellant would fall under the category of ‘Management Consultancy Services’. We have reached this view after perusing the invoices raised by the appellant in the name of M/s. Equity Masters India Ltd., wherein it is very clearly states that the persons deputed for compliance review and strengthening of computer, customers work relating to NSE, front office systems and processes etc. As the services which are raised by the appellant indicate that their employees on deputation were infact doing Management Consultancy Services. To that extent we find that the impugned order is correct and legal and does not suffer from any infirmity. We hold that the appeal of the appellant on this point fails and the service tax liability with interest needs to be upheld - Decided partly in favour of assessee.
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