TMI Blog2019 (4) TMI 1599X X X X Extracts X X X X X X X X Extracts X X X X ..... Mr. Jatin Christopher, CA For the Appellant Mr. Madhupsharan, Asst. Commissioner (AR) For the Respondent ORDER Per: S.S GARG The present appeal is directed against the impugned order dated 01.11.2018 passed by the Commissioner (Appeals) whereby the Commissioner (Appeals) has upheld the Order-in-Original and rejected the appeal of the appellant. Briefly the facts of the present case are that the appellants are registered and holding S.T. Registration Certificate No. AAHCS2907GST001 for Provider/Recipient of work contract, Design Services, Business Support Services etc., and are availing the credit of the tax paid on input services‟ under the provisions of C ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d also proposed penalties. After due process original authority vide its order dated 12.04.2018 confirmed the demand and recovery of service tax amount of ₹ 5,43,200/- (Rupees Five Lakhs Forty Three Thousand and Two Hundred only) under Section 73(1) by holding that the activity of trading in mutual fund as exempted services along with interest and penalty under various Sections of the Finance Act, 1994. Aggrieved by the said order appellant filed appeal before the Commissioner who rejected the said appeal. Hence the present appeal. 2. Heard both the parties and perused the records. 3. Learned consultant appearing for the appellant submitted that the impugned order is not sustainable in law as the same h ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... his submission. 4. On the other hand the learned AR defended the impugned order. 5. After considering the submissions of both the parties and perusal of the material on record, I find that the appellants are not in the business of buying and selling of Mutual Fund securities rather the appellant has made investment in Mutual Funds in financial years 2016-17 in order to utilize the surplus fund that may accrue from time to time with an intention to manage the company‟s liquidity and mitigating its operational and financial risk. The said investments are only redeemed when there is necessity of funds and the same is utilized for the operational need of the company. Further I find that the appellant is not ..... X X X X Extracts X X X X X X X X Extracts X X X X
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