TMI Blog2019 (3) TMI 1147X X X X Extracts X X X X X X X X Extracts X X X X ..... , 2006 - Held that:- The demand is raised as per Sub-Rule (1) of Rule 5 of the Service Tax (Determination of Value) Rules, 2006. The said Rule has been set aside as ultra vires by the Hon’ble Apex Court in the judgement of M/s. Intercontinental Consultants and Technocrats Pvt. Ltd. [2018 (3) TMI 357 - SUPREME COURT OF INDIA] - Further, the issue whether transaction charges can be subjected to levy ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... change (NSE) for buying and selling of shares for their clients and are also registered for portfolio management services under NSE. 2.1 During the audit of accounts, it was noticed that for the period from November 2004 to February 2008, the appellants collected brokerage for all their transactions with their clients and also collected turnover charges or transaction charges at the rate of 0.0 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d, interest and imposed penalties. In appeal, the Commissioner (Appeals) upheld the same. Hence, this appeal. 3.1 On behalf of the appellant, Ld. Consultant Shri. Prasanna Krishnan V. appeared and argued the matter. He submitted that the said amount has to be collected as per the norms of NSE from the customers. The same is not retained by the appellant, but is paid to the NSE. In any case, the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... es collected by the appellant and paid to the NSE is subject to levy of service tax or not. 7. On perusal of the Show Cause Notice, it is seen that the demand is raised as per Sub-Rule (1) of Rule 5 of the Service Tax (Determination of Value) Rules, 2006. The said Rule has been set aside as ultra vires by the Hon ble Apex Court in the judgement of M/s. Intercontinental Consultants and Technocr ..... X X X X Extracts X X X X X X X X Extracts X X X X
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