TMI Blog2019 (2) TMI 763X X X X Extracts X X X X X X X X Extracts X X X X ..... ther Financial Services - Held that:- This amount is charged by the appellant as Courier charge are in fact in nature of reimbursement of expenses incurred. In our view, this cost will not get covered for taxing under the category of Banking Other Financial Services, as per the law settled by Hon ble Apex Court in the case of Intercontinental Consultants Technocrats Pvt. Ltd. [2018 (3) TMI 357 - SUPREME COURT OF INDIA] - demand set aside. Banking and other financial services - Registrar and Transfer services for NCDEX - Held that:- This amount is also not taxable under Banking Other Financial Services ; as per the agreement dated 07.11.2003 (page 15 onwards) appellant has been appointed as Registrar and Transfer Agents for the com ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... g with interest and imposed penalties. This appeal is against those findings. 3. Ld. Counsel submits that during the period 2003-04 to 2006-07, the demand has been raised on courier charges under Banking and other Financial Services , which is for the amount collected from various clients for sending physical shares and various other documents. It is his submission that these are reimbursable expenses and the law as settled on this issue by the judgment of Hon ble Apex Court in the case of Intercontinental Consultants and Technocrats Pvt. Ltd. [2018(10) GSTL 401 (S.C.)] shall apply in full force. It is his submission that they are also in the business of Medical Transcription Training Services which is sought to be taxed under Commercia ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... aining Services under Commercial Training Coaching Services, we find that since the appellant has not contested this before us, the service tax liability confirmed under this head along with interest is upheld. (b) As regards the courier charges under Banking and other Financial Services, we find that the facts as put forth by the appellant as to what these courier charges are, we find that the amounts involved are for sending/couriering various documents to their clients for which appellant charges the client. Appellant being in the depository service business, are required to transmit to their client physical shares and various other documents; it is also seen from the application form that they are charging a lump sum amount towards ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ng Other Financial Services ; as per the agreement dated 07.11.2003 (page 15 onwards) appellant has been appointed as Registrar and Transfer Agents for the commodities traded on NCDEX and it cannot be considered as depository services. During the relevant period, definition of Banking Other Financial Services under section 65 (12) of Finance Act, 1994 reads as under: (a) the following services provided by a banking company or a financial institution including a non-banking financial company or any other body corporate or [commercial concern]*, namely :- (i) financial leasing services including equipment leasing and hire-purchase; Explanation.-For the purposes of this item, financial leasing means a lease transa ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ; (b) foreign exchange broking and purchase or sale of foreign currency including money changing provided by a foreign exchange broker or and authorised dealer in foreign exchange or an authorised money changer, other than those covered under sub-clause (a); [Explanation. For the purposes of this clause, it is hereby declared that purchase or sale of foreign currency, including money changing includes purchase or sale of foreign currency, whether or not the consideration for such purchase or sale, as the case may be, is specified separately;] d. As regards It can be seen from the above reproduced definition that the activity undertaken by the appellant for Registrar Transfer Services of the commodities of NCDEX ..... X X X X Extracts X X X X X X X X Extracts X X X X
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