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2008 (7) TMI 227 - HC - Service TaxCorrectness of Circular No. 96/7/07-ST - revenue is not correct to treat the chit fund business to fall within the ambit of asset management as there is subtle difference between “banking and financial services” as defined under the Act and the services of the chit transactions - further revenue cannot levy a tax for the first time on a totally new arena by issuance of a circular - as the Finance Act is not properly amended to bring within its fold chit transactions, the demand is unsustainable
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