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2015 (11) TMI 1177 - CESTAT MUMBAI

2015 (11) TMI 1177 - CESTAT MUMBAI - 2016 (41) S.T.R. 683 (Tri. - Mumbai) - Demand of service tax - whether service tax liability arises on the appellant under the category of ‘Banking and other Financial Services’ for the commission received by them on new issues & other commission - whether the appellant is liable to pay the service tax on an amount received for deputation of persons to some other assessees - Held that:- Amount received by the appellant as commission for initial public offer a .....

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lied 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. Equity Masters India Ltd., wherein it is very clearly states that the person .....

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o be upheld - Decided partly in favour of assessee. - Appeal No. ST/41/10 - Final Order No. A/2647/2015-WZB/STB - Dated:- 13-8-2015 - Mr. M.V. Ravindran, Member (Judicial) And Mr. C.J. Mathew, Member (Technical) For the Petitioner : Shri Yash Parmar, C.A For the Respondent : Shri A.B. Kulgod, Asst. Commissioner (AR) ORDER Per: M.V. Ravindran This appeal is directed against order-in-appeal No. SB(42)72/STC/2009 dated 03.11.2009. 2. Heard both sides and perused the records. 3. The issue involved i .....

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e 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 t .....

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g company or a non-banking financial company. As per the definition of financial institution only when the appellant carries on business of acquisition of shares, bonds, debentures or securities issued by a Government or Local Authority or other marketable securities of a like nature, the appellant can be categorized as a financial institution. Merely because the appellant is registered as a stock broker with the SEBI, which is a statutory requirement the appellant cannot be considered as a fina .....

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