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2017 (12) TMI 18 - AT - Service TaxLevy of tax - brokerage received from the Reserve Bank of India for the sale of Government bonds for the period July, 2001 to June, 2003 - whether taxable under the category of Banking and Other Financial Services? - Held that: - It is not disputed that the appellants have been acting as an agent of the Reserve Bank of India, while selling such Government bonds - similar issue decided in the case of Enam Securities Pvt. Ltd. Vs Commissioner of Service Tax, Mumbai [2014 (11) TMI 585 - CESTAT MUMBAI], where it was held that the lending or borrowing of money by the Government is a sovereign function and on such functions there cannot be any tax liability whether by way of direct tax or by way of indirect tax - demand set aside - appeal allowed - decided in favor of appellant.
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