TMI Blog2015 (11) TMI 1177X X X X Extracts X X X X X X X X Extracts X X X X ..... inancial Services holding that the appellant would fall under the category of Financial Institutions. We do not agree with the contentions raised by the learned D.R. for the Revenue nor do we accept the findings by the first appellate authority on this issue. Basically, the definition of financial institutions which sought to be relied upon by the lower authorities and the representative is misplaced in as much this Bench in the case of Parag Parikh Financial Advisory Services Ltd. [2015 (2) TMI 351 - CESTAT MUMBAI] has considered identical issue Activity of the appellant would fall under the category of ‘Management Consultancy Services’. We have reached this view after perusing the invoices raised by the appellant in the name of M/s. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... epartment as service provider under the category of Stock Broking Services . 4. It is the case of the Revenue that the amount received by the appellant as commission for initial public offer and other activities that they are engaged only for their clients in respect of new issues. Revenue wants to tax this amount under the category of Banking and other Financial Services holding that the appellant would fall under the category of Financial Institutions. We do not agree with the contentions raised by the learned D.R. for the Revenue nor do we accept the findings by the first appellate authority on this issue. Basically, the definition of financial institutions which sought to be relied upon by the lower authorities and the representat ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... stainable and liable to be set aside and we do so. Appeal of the appellant to that extent is allowed. 5. As regards the 2nd issue of the fees received for deputation on persons to M/s. Equity Masters India Ltd., we find that the said activity of the appellant would fall under the category of Management Consultancy Services . We have reached this view after perusing the invoices raised by the appellant in the name of M/s. Equity Masters India Ltd., wherein it is very clearly states that the persons deputed for compliance review and strengthening of computer, customers work relating to NSE, front office systems and processes etc. The arguments put forth by the learned C.A. that this activity would not fall under the services of Managemen ..... X X X X Extracts X X X X X X X X Extracts X X X X
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