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TMI Blog2013 (7) TMI 459X X X X Extracts X X X X X X X X Extracts X X X X ..... s under the category of 'Credit Rating Agency' since 1998. Apart from credit rating activity, the appellant also undertakes certain financial advisory services in respect of energy, banking, development, finance, transport and urban infrastructure, disinvestment and risk management. The appellant have taken registration and paying service tax in respect of these advisory services under "banking and other financial services" w.e.f. 16/08/2002 when the term 'body corporate' was included in addition to banking and non-banking financial companies as the provider of such services. The department has accepted the classification of the service rendered by the appellant under banking and other financial services w.e.f August, 2002. However, for the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 organisation". It is his contention, that by rendering financial advisory services, his client has not rendered any advice with respect to management of any organization. He has also submitted a few copies of the agreements entered into by his client which are in relation to advisory assistance in selection of sub-concessionaire for development of solid cargo facilities at Dahej Port with Petronet LNG Limited, techno economic and financial feasibility report for Chandigarh-Ludhiana highway project with Dalal Consultants and E ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ltancy Service' in relation to developing or upgrading of any working system in any organization. Similarly, in the Punjab Venture Capital Ltd. case (cited supra), consultancy of fund management including the identification of the projects was held not falling under management consultancy services. From the agreements entered into by the appellant with their clients, it is seen that the feasibility study of highway projects or study of excise duty structure of the textile sector or business valuation and re-valuation of assets etc. do not come under the category of developing or upgrading any working system in any organization. 6. Thus, prima facie , we are of the view that the appellant has made out a strong case in their favour for waive ..... X X X X Extracts X X X X X X X X Extracts X X X X
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