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2018 (9) TMI 584 - HC - Service TaxExport of service - Place of provision of service - Whether in the facts and circumstances of the case, the CESTAT was right in holding that the custodial services provided by the assessee to Foreign Institutional Clients (FII's) amounts export of service as provided under Rule 3 of Export of Service Rules, 2005, for the period from May, 2006 to December, 2007? Held that:- The custodial services provided, would be clearly covered by sub-clause (iii) of Rule 3 of the Export Services Rules, 2005 and the Respondent would be entitled to its benefit - In fact, the Central Board of Excise & Customs has on 24th February, 2009 has issued a clarificatory Circular No.111/ 2009, clarifying that in respect of services following under category/ clause (c) above i.e. Rule 3(I)(iii) of the Export of Services Rules 2005, the relevant factor is the location of the Services recipient and not the place of performance. It also clarified that the phrase used 'outside India', is to mean that the benefits of the service is to accrue outside India. This Circular which is binding on the Revenue, also concludes the issue in favour of the Respondent. Appeal dismissed.
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