https://www.taxtmi.com/caselaws?id=791824 Investment in and redemption of mutual fund units does not amount to a service rendered by one person to another for consideration under Section 65B(44) of the Finance Act, 1994. On redemption, the units cease to exist and are not transferred to any third party, so the activity is not trading of goods and cannot be treated as an exempted service under Rule 2(e) of the CENVAT Credit Rules, 2004. As the activity is outside the scope of service, the obligation to maintain separate accounts under Rule 6 and the consequential reversal of CENVAT credit, interest, and penalty do not arise. en-us Fri, 15 May 2026 00:00:00 +0530 Tue, 19 May 2026 08:18:14 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=791824 Investment in and redemption of mutual fund units does not amount to a service rendered by one person to another for consideration under Section 65B(44) of the Finance Act, 1994. On redemption, the units cease to exist and are not transferred to any third party, so the activity is not trading of goods and cannot be treated as an exempted service under Rule 2(e) of the CENVAT Credit Rules, 2004. As the activity is outside the scope of service, the obligation to maintain separate accounts under Rule 6 and the consequential reversal of CENVAT credit, interest, and penalty do not arise. Case-Laws Service Tax Fri, 15 May 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=791824