https://www.taxtmi.com/caselaws?id=345112 Chit fund operations were held not to constitute cash management under the amended banking and other financial services definition, because they involve a regulated pooling and distribution mechanism among subscribers rather than handling idle cash or liquidity. They were also held not to amount to fund management or asset management, since the foreman does not manage customer assets or deploy his own funds as an investment fund. On that basis, service tax was not leviable on chit fund activity for the relevant period under the amended definition then in force. en-us Tue, 04 Jul 2017 00:00:00 +0530 Thu, 17 Jul 2025 12:24:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=345112 Chit fund operations were held not to constitute cash management under the amended banking and other financial services definition, because they involve a regulated pooling and distribution mechanism among subscribers rather than handling idle cash or liquidity. They were also held not to amount to fund management or asset management, since the foreman does not manage customer assets or deploy his own funds as an investment fund. On that basis, service tax was not leviable on chit fund activity for the relevant period under the amended definition then in force. Case-Laws Service Tax Tue, 04 Jul 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=345112