TMI Blog2017 (8) TMI 401X X X X Extracts X X X X X X X X Extracts X X X X ..... the Act or not - petition allowed by way of remand. - WP No.2891/2016 C/w. WP Nos.2885/2016, 2886/2016 & 5483/2016 & 8481-8492/2016 (T - RES) W.P. No. 2891/2016 - - - Dated:- 18-7-2017 - Vineet Kothari, J. For the Petitioner : Sri V. Raghuraman For the Respondent : Sri Jeevan J Neeralgi, Advocate ORDER 1. The present writ petitions are directed against the impugned Show Cause Notices, Annexure-A dated 08.10.2015 and 07.10.2015 issued by the respondent-Additional Commissioner of Service Tax. 2. The issue is with regard to imposition of Service Tax on the chit fund business of the present petitioners. 3. Mr.Raghuraman, learned counsel for the petitioners submitted before the Court that, in the recent decision of t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... dictionary meanings of fund management and asset management: (a) Fund A fund is a source of money that will be allocated to a specific purpose. A fund can be established for any purpose whatsoever, whether it is a city government setting aside money to build a new civic center, a college setting aside money to award a scholarship, or an insurance company setting aside money to pay its customer s claims. (Ref.http://www.investopedia.com/terms/f/fun d/asp) (b) Funds - All the financial resources of a firm, such as cash in hand, bank balance, accounts receivable. Any change in these resources is reflected in the firm s financial position. (Ref.http://www.businessdictionary.com/defini tion/funds.html) (d) Fund (i) Sum of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tood in the sense the term is known in business parlance. We, therefore, hold that the chit fund business was not covered by sub-clause (v) of sub-section 12 of Section 65 even after its amendment by Finance Act, 2007. 38) For our reasons given above, we affirm the conclusion in the impugned judgment of the Andhra Pradesh High Court. We also hold that Kerala High Court has taken erroneous view and its judgment stands overruled. As a result, these appeals are dismissed. No costs. 5. Learned counsel for the petitioners also submitted that, even at the time of issuing the impugned Show Cause Notice on 08.10.2015, the matter was covered in favour of the assessees by the decision of the Hon ble Delhi High Court reported in 2013 (3 ..... X X X X Extracts X X X X X X X X Extracts X X X X
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