https://www.taxtmi.com/caselaws?id=31067 Chit fund transactions were treated as a distinct class and were not shown by the statute to fall within "cash management" or "asset management" for service tax purposes under the amended definition of banking and other financial services. The taxing provision had to be construed strictly, so the levy could not be enlarged by executive instruction, circular, or by relying on the Reserve Bank of India Act in place of specific legislative inclusion. On that basis, the impugned circular and consequential proceedings could not validly extend service tax to chit fund business and were set aside. en-us Mon, 14 Jul 2008 00:00:00 +0530 Tue, 14 Oct 2008 00:00:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=31067 Chit fund transactions were treated as a distinct class and were not shown by the statute to fall within "cash management" or "asset management" for service tax purposes under the amended definition of banking and other financial services. The taxing provision had to be construed strictly, so the levy could not be enlarged by executive instruction, circular, or by relying on the Reserve Bank of India Act in place of specific legislative inclusion. On that basis, the impugned circular and consequential proceedings could not validly extend service tax to chit fund business and were set aside. Case-Laws Service Tax Mon, 14 Jul 2008 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=31067