TMI Blog1997 (9) TMI 1X X X X Extracts X X X X X X X X Extracts X X X X ..... rder]. - In the subject application, the applicant prays for waiver of pre-deposit and stay of recovery of Rs. 1,98,265.00 demanded by way of service tax plus interest thereon for the period from July, 1994 to September, 1994. The applicant herein is a stock broker. In the course of scrutiny of returns submitted by the applicant for the aforesaid period, it came to the notice of the Superintend ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n to Section 67 of the Finance Act, 1994 by which the provisions of the service tax were introduced. In terms of clause (a) of that Section, the value of taxable service has been defined in relation to service provided by a broker to be the aggregate of the commission or brokerage charged by him on the sale or purchase of securities from the investors, and includes the commission and brokerage p ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rounding off various amounts of transactions made by the applicant himself, it has already been paid according to Shri Rohit Shukla. 4. Opposing the contentions, learned SDR, Shri T. Prem Kumar for the Revenue submits that under Section 72 of the Finance Act, best judgment can be resorted to by the Central Excise Officers in the three circumstances mentioned therein. He points out that the cas ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s of the assessee have been rejected as incorrect or incomplete. It is also not given in the order that on what basis, the Superintendent has stated that the brokerage must be charged in all cases and there is no free service provided by a stock broker at all having regard to the practice of the trade. 6. On the other hand, we find sufficient force in the submissions of the learned Chartered ..... X X X X Extracts X X X X X X X X Extracts X X X X
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