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TMI Blog2025 (3) TMI 1066X X X X Extracts X X X X X X X X Extracts X X X X ..... aidyanathan and Ms. Mehak Mehra, Advocates for the appellant. Shri Rajeev Kapoor, Authorised Representative for the respondent. ORDER The main issue in the present matter relates to the non-reversal of proportionate Cenvat credit availed on common input services namely, Chartered Accountant services, telephone services, Legal services, etc., used in relation to Redemption of Mutual Funds by co ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... re North-2019 (4) TMI 1599 -CESTAT-Bangalore 2. The relevant observations of the Tribunal in the case of the appellant in the earlier order are as under:- "19. In view of the aforesaid decisions of the Tribunal, it has to be held that the activity of subscription and redemption of the units of mutual funds cannot be said to be an activity of sale and purchase of the securities. It would, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... has to be a service provider who provides a service to the recipient in lieu of consideration. The department has failed to substantiate that investment in mutual fund by the appellant involves a 'service' rendered by a service provider to a service recipient. Thus, the activity undertaken by the appellant would not amount to 'service' under section 65B(44) of the Finance Act." 3. In the present ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... eeds to be qualified as "service", as defined under Section 65B (44) of the Act, meaning thereby that service is an activity carried out by a person for another for consideration and includes a 'declared service' but excludes a transfer of title in goods or immovable property by way of sale, gift, etc. As noted in the above decisions, the activity of investment in mutual funds does not involve the ..... X X X X Extracts X X X X X X X X Extracts X X X X
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