2015 (7) TMI 714

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..... lacement of Shares, for the purpose of implementing a new project, the Automotive Wheel Line Project in their factory. The contention of the revenue that such financial services rendered to the appellant for the purpose of raising capital is not related to manufacture directly or indirectly cannot be accepted. The definition of "input service" is not restricted being limited to services which are .....

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..... ent: Shri G.R. Singh, AR ORDER Per: Sulekha Beevi C.S. The issue posing for consideration in this appeal is whether the credit of service tax paid on the service of the Private Placement of Shares is admissible as input service credit as per the Cenvat Credit Rules. 2. Breif facts are as under:- The appellants are engaged in the manufacture of Automotive Wheels falling under chap .....

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..... t financial services availed by appellants for disposal of shares are not covered under the definition of input services . The appellants defended the show cause notice submitting that the definition of Input Services as provided Under Rule 2 (l) included banking and financial services which are services used in relation to the business of manufacture. They also contended that the demand is hit .....

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..... its right perspective. She relied on the following judgements in Semco Electric Pvt. Ltd Vs CCE, Pune 2012 (276) E LT 94 (TRI Mumbai) and 2013 (30) ST are 572 (TRI Mumbai),Aditya Birla Nuvo LtdVs CCE 2009 (14) ST are 304 (TRI Ahmedabad). 4. On behalf of revenue it was submitted that the activity of private placement of shares is not an activity used by the appellant directly or indirectly o .....

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..... rvices which are directly linked to the manufacturing activity. But the definition has a wide ambit and covers services which are relating to business activities of manufacture. In Aditya Birla Nuvo Ltd Vs CCE (supra) it was held that merger charges are covered in the category of services of financing and Cenvat credit is admissible for the same. Therefore I am of the view that the service of priv .....

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