https://www.taxtmi.com/caselaws?id=789880 Transactional advisory services connected with merger, acquisition and sale of shares were held not to fall within Management or Business Consultancy Service for the relevant period; the later specific inclusion of such services in Business and Other Financial Services supported that view. Section 66A of the Finance Act, 1994 was also held inapplicable to individual shareholders because the services were not received for use in business or commerce, and tax could not be fastened on shareholders for services allegedly received by the company merely because they held the shareholding. On those grounds, the demands and penalties could not be sustained. en-us Mon, 13 Apr 2026 00:00:00 +0530 Thu, 16 Apr 2026 08:34:11 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=789880 Transactional advisory services connected with merger, acquisition and sale of shares were held not to fall within Management or Business Consultancy Service for the relevant period; the later specific inclusion of such services in Business and Other Financial Services supported that view. Section 66A of the Finance Act, 1994 was also held inapplicable to individual shareholders because the services were not received for use in business or commerce, and tax could not be fastened on shareholders for services allegedly received by the company merely because they held the shareholding. On those grounds, the demands and penalties could not be sustained. Case-Laws Service Tax Mon, 13 Apr 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=789880