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2024 (2) TMI 59 - KARNATAKA HIGH COURTSupply of Services - activity of holding of shares of subsidiary company by holding company - Constitutional validity of Notification dated 28.06.2017 bearing No. 11/2017-Central Tax (Rate) (Annexure-A) at Entry No. SAC 997171, and Notification dated 28.06.2017 bearing No 08/2017-Integrated Tax (Rate) (Annexure- B), at Entry No. SAC 997171 - HELD THAT:- In the light of the issuance of Circulars by the Central Government and the State Government during the pendency of the present petition, clarifying that holding of shares by M/s. Yonex Co., Japan [the holding company] in its subsidiary, the petitioner herein at Bengaluru cannot be treated or classified as “supply of service”. The impugned order dated 02.11.2022 passed by the respondent No. 4 which proceeds on the basis that the said holding of shares amounts to “supply of service” is clearly illegal, arbitrary and without jurisdiction or authority of law, and the same deserves to b e quashed. The impugned order dated 02.11.2022 issued by the respondent No. 4 is hereby quashed - Petition allowed.
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