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2015 (7) TMI 714 - CESTAT NEW DELHI

2015 (7) TMI 714 - CESTAT NEW DELHI - 2016 (42) S.T.R. 72 (Tri. - Del.) - Denial of CENVAT Credit - 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 - Held that:- It is the case of the appellant, that they raised capital by private placement 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 .....

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rges 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 private placement of shares for raising capital is an input service and credit on the service is to be allowed. - impugned order is set aside - Decided in favour of assessee. - Appeal No. ST/1281/2011-Cus - Final Order No. 51907/2015 - Dated:- 17-6-2015 - Hon ble Smt. Sulekha Beevi C.S., Member (Judicial),J. For the Appellant : Ms. Priyanka Goyal .....

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. Ltd for raising finance by way of Private Placement of Share of the company with M/s New Vermon Advisory Services Ltd. as the appellant was in need of finances for implementing Automotive Wheels Line Project in their factory. M/S MAPE Advisory Group Private Limited charged professional/brokerage fee amounting to ₹ 26,40,000/ for their service and service tax amounting to ₹ 2,69,280/ (including education cess) was paid . The appellants availed the credit of the service tax paid to M .....

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inancial services which are services used in relation to the business of manufacture. They also contended that the demand is hit by the bar of limitation. The adjudicating authority held against the appellants which was confirmed by the Commissioner (Appeals). Aggrieved by the order of the Commissioner (Appeals) the appellant has filed this appeal. 3. On behalf of the appellant, the Ld. counsel MS. Priyanka Goyal submitted that at the relevant time the company was implementing the Automotive Whe .....

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