TMI Blog2017 (9) TMI 418X X X X Extracts X X X X X X X X Extracts X X X X ..... e appellant Present Shri Amresh Jain, DR for the respondent ORDER Per: Ashok K. Arya M/s. Vivek Financial Focus Ltd. is in appeal against the order in appeal no.166/2011 dated 28.03.2011 whereunder liability of service tax on the stock broking services as defined under section 65(105)(a) read with Section 65 (101) of the Finance Act 1994 has been confirmed. 2. The brief facts are as follows:- i) The appellant has its registered office in Delhi and is registered with service tax department for rendering stock broker service. ii) The assessee has appointed sub broker herein the state of Jammu and Kashmir and all the transactions / services in Jammu and Kashmir are carried out through the said sub broker. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... f Excise and Customs, Ministry of Finance has also clarified in its instruction letter-ST no.137/62/2003-CX.4 dated 22.03.2004 that in terms of the Finance Act, 1994, service tax is not applicable to the services provided in the state of Jammu and Kashmir irrespective of the services provider being from the State or otherwise. 4.2. In this regard, Tribunal in the case of Religare Securities Ltd. Vs. CST Delhi - 2014 (36) STR 937 (Tri-Del) has held that in terms of the section 64 of the Finance Act 1994, discharging of service tax has been exempted in the case of services provided in Jammu and Kashmir region. The Tribunal in the said case observes as under: 15. As regard, the Revenue s appeal, we find that the Commissioner has dr ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nation based consumption tax and the principle of consumption of service would determine the liability of Service Tax, the insurance services rendered by New India Assurance Company Ltd., Jammu to the clients having assets in the State of Jammu Kashmir by their Jammu Branch are not liable to Service Tax. The Revenue in their Memo of Appeals given no reasons to deviate from the above finding of the Commissioner (Appeals). Accordingly, the appeal filed by the Revenue is rejected. 7. In the light of the above discussion the impugned order in respect of confirmation of liability of service tax and corresponding penalty on account of stock broking services provided to the clients located in Jammu and Kashmir is set aside and appeal allo ..... X X X X Extracts X X X X X X X X Extracts X X X X
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