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2017 (9) TMI 796 - HC - Service TaxClassification of services - Merger and Acquisition Services - whether classified under the head Banking and other Financial Services or under the head Management Consultancy Services? - Held that: - “Merger and Acquisition Services” having been introduced for the first time as a separate category under Banking and other Financial Services with effect from 16th July 2001 would show that the said service was never a part of Management Consultancy Services which has been in existence at all times - “Merger and Acquisition” is highly technical and a restrictive term and cannot be related to the managing of the affairs of the organisation which would come within the definition of “Management Consultant”. The decision of Division Bench of this Court in Indian National Shipowners Association [2010 (12) TMI 12 - Supreme Court of India] would apply in the present case partially since that case has considered the issue of introduction of a new entry viz. mining service in the Finance Act and held that the levy of service tax on this service would be after the insertion of the new entry. Service tax is payable on Merger and Acquisition Services only upon its insertion in the Banking and Financial Services with effect from 16th July 2001 and was not leviable prior thereto - appeal dismissed - decided against Revenue.
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