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Issues: Whether the petitioner was liable to pay service tax on chit-fund business for the period 2007 to 2012 and whether the demand could survive for the period prior to 14.05.2015.
Analysis: The parties accepted that the controversy was covered by the Supreme Court decision in Union of India v. Margadarshi Chit Funds (P) Ltd. and a Division Bench decision of the High Court. On that basis, the Court held that the petitioner was not liable to pay service tax for the period before 14.05.2015. The impugned demand was therefore liable to be interfered with to that extent. For the period from 14.05.2015 onwards, the authorities were left free to consider the issue in the light of the cited decisions.
Conclusion: The petitioner was held not liable to pay service tax before 14.05.2015, and the impugned order was set aside to that extent.
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