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M/s CRISIL Ltd. Versus Commissioner of Central Excise, Thane

2016 (10) TMI 390 - CESTAT MUMBAI

Classification of service - credit rating activity - financial advisory services in respect of energy, banking, development, finance, transport and urban infrastructure, disinvestment and risk management classified under the head of Banking and Other Financial Services or Management Consultancy Service? - tax paid by the appellant under the head of Banking and Other Financial Services, which came into effect from 16.08.2002, prior to which no tax was payable under this head - whether the authori .....

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AL MARKETS (I) PVT. LTD. Versus COMMR. OF ST., MUMBAI [2008 (6) TMI 159 - CESTAT MUMBAI] relied upon where it was held that advisory and due diligence services on acquisition of shares in listed companies rendered to an existing organisation cannot be considered to be Management Consultancy Service. - The Board Circular dated 07.10.1998 referred to wherein it was categorically clarified that information and advisory services, if any, rendered by credit rating services would not attract the S .....

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:- 18-5-2016 - Mr. Ramesh Nair, Member (Judicial) And Mr. C.J. Mathew, Member (Technical) Shri R.G. Sheth, Advocate for Appellant Shri A.K. Goswami, Addl. Commr. (A.R.) for Respondent ORDER Per Ramesh Nair The appellant M/s CRISIL Ltd., is registered with the Service Tax department under the category of Credit Rating Agency since 1998. Apart from credit rating activity, the appellant also undertakes certain financial advisory services in respect of energy, banking, development, finance, transpor .....

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cause notice dated 20.02.2003 was issued for the period 1999-2000 to 2001-02 demanding of Service Tax of ₹ 1,50,42,302/- by proposing to classify the financial advisory services rendered by them under the category of Management Consultancy Service . In the adjudication the demand along with interest and penalty was confirmed. Being aggrieved by the impugned order the appellant is before us. 2. Shri R.G. Sheth, learned Counsel appearing on behalf of the appellant submits that as per Board C .....

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oes not include the financial advisory services. The appellant has not rendered any advice in respect to management of any organisation. He further submits that the demand is time barred as there is no specific allegation for invoking extended period of limitation. Even the show-cause notice merely averred that the amount appears to have escaped assessment. The appellant had a bona fide belief regarding non-taxable of the services on the basis of Board Circular. There are various correspondence .....

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sion of fact on the part of the appellant, therefore the extended period of demand have not been invoked, for the same reason, the penalties proposed under Section 76 & 77 of the Finance Act, 1994 is also not correct. 3. Shri A.K. Goswami, learned Additional Commissioner (A.R.) appearing on behalf of the Revenue reiterates the findings of the lower authorities. 4. We have carefully considered the submissions made by both the sides. We find that on the services in question the appellant has b .....

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s held that advisory and due diligence services on acquisition of shares in listed companies rendered to an existing organisation cannot be considered to be Management Consultancy Service . Similarly, in the case of Punjab Venture Capital Ltd. Vs. Commissioner of Central Excise, Chandigarh [2011 (24) STR 410], it was held that the consultancy of fund management including the identification of the projects was held could not fall under Management Consultancy Service . The claim of the appellant i .....

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securities and foreign exchange (forex) broking (e) Asset management including portfolio management, all forms of fund management, pension fund management, custodial depository and trust services, but does not include cash management. (f) Advisory and other auxiliary financial services including investment and portfolio research and advice, advice on mergers and acquisitions and advice on corporate restructuring and strategy; and (g) Provision and transfer of information and data processing. 5. .....

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