2025 (5) TMI 487

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..... Rules, 2004 CCR, 2004 read with section 73(1) of the Finance Act, 1994 the Act, along with interest and penalty of equivalent amount under rule 15 (3) of CCR read with section 78 of Act for the period 2012- 2013 to 2016-2017, treat the investment in mutual funds as "Trading of Goods" in terms of section 66D(e)of the Act. 2. Briefly stated, the appellant is engaged in providing Manpower Recruitment/Supply Agency Service, Commercial Training, Coaching, Renting of Immovable property, Works Contract Service, Legal Consultancy Services, other taxable services. The appellant took credit of service tax paid on various input services which are used in renting the aforesaid outward services. The appellant as part of its business practice had also .....

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..... the appellant in series of decisions by the Tribunal, which are as under: (i) Siegwerk India Pvt Ltd Vs. Commissioner of CGST Final Order No. 50426-50427/2025 dated 21.03.2025 (ii) Siegwerk India Pvt. Ltd. Vs. Commissioner of CGST Service Tax Appeal No. 52950 of 2019 dated 21.03.2025 (iii) Siegwerk India Pvt. Ltd. Vs. Commissioner, Central Goods & Service Tax, Commissionerate Final Order No. 58747/2024 dated 01.10.2024 (iv) Ambuja Cements Ltd. Vs. Commissioner of Customs, Central Excise & GST, Nagpur Final Order No. 85393/2023 dated 13.01.2023 (v) Finolex Cables Ltd. Vs Commissioner of Central Excise and Service Tax, Pune-I Final Order No. A/87423/2024 dated 25.11.2024 in Excise Appeal No. 85323 of 2016 (vi) Ace Creative L .....

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..... ervice' under rule 2(e) of the Credit Rules, the activity has to first qualify as a 'service'. Section 65B(44) of the Finance Act stipulates that 'service' means any 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 or gift. Thus, there 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." 5. T .....

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