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TMI Blog2012 (7) TMI 52X X X X Extracts X X X X X X X X Extracts X X X X ..... siness of hotels in the name of M/s Indian Hotels Company Ltd. (IHCL in short. M/s Lokhandwala Hotels Pvt. Ltd. (LHL in short) was running a hotel in the name of 'Regent Hotel' which is situated at Bandra. As the said hotel was incurring losses and there was a huge demand against them of about Rs.331 crores from various persons and of about Rs.95 crores from ICICI Trustship Services Ltd., the hotel business of 'Regent Hotel' was acquired by the applicants. An agreement was entered into between the applicants, LHL and ICICI Trustship Services Ltd. as ICICI was ready to pay the loans of various other parties payable by LHL to the tune of Rs.331 Crores for settlement of repayment of loans and transaction of transfer of the ownership right to t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ahabad - 2007(7)STR 431(T) which was confirmed by the Hon'ble Apex Court vide 2012 (25) STR J154 (SC). He also relied on the decision in the case of Nirulas Corner House Pvt. Ltd. 2007(14)STR 131(Tri). Therefore, he prayed that during the pendency of the appeal, stay be granted against the impugned demand. 3.1 The learned counsel further submitted that the show-cause notice has been issued by invoking the extended period of limitation as the issue whether the activity undertaken by the applicant falls under the category of 'Management Consultancy Service' or not is in dispute. Therefore, being an issue of interpretation, extended period is not invokable. 4. The contention of the learned counsel was strongly opposed by Shri V.K.Singh, Addl ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the definition of section 65(65) of Financial Act, 1994 is reproduced herein as below:- "Section 65(65) of Finance Act, 1994" "Management Consultant" means any person who is engaged in providing any service, either directly or indirectly, in connection with the management of any organization in any manner and includes any person who renders any advice, consultancy or technical assistance, relating to conceptualizing, devising, development, modification, rectification or upgradation of any working system of any organization." On going through the definition of 'Management Consultancy Service', it is clear that a person who is engaged in providing any service in connection with the management of any organization which means he should pro ..... X X X X Extracts X X X X X X X X Extracts X X X X
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