2011 (2) TMI 337

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....e tax on commission received for distribution of mutual fund units of various mutual fund companies during the period w.e.f. 9.7.2004 to 31.3.2005. 2. The applicants had entered into an agreement with M/s. V.S. Infrastructural Capital Ltd. (main contractor) as per which the main contractor were to enter into an agreement with mutual fund companies to explore investment in mutual funds, corporat....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....cants as Finance Act does not provide for double taxation of the services. He relied on the decision of M/s. Vijay Sharma & Company vs. Commissioner of Central Excise, Chandigarh reported in 2010 (20) S.T.R. 309 (Tri.-LB). 4. Heard and considered. 5. We find that the Larger Bench of this Tribunal in the case of M/s. Vijay Sharma & Company (Supra) has held as under:-     9. ....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... the stock broker and the sub-broker has paid service tax on such service, the stock broker shall be entitled to the credit of service tax. Such a proposition finds support from the basic rule of Cenvat credit and service of a sub-broker may be input service provided for a stock-broker if there is integrity between the services. Therefore, tax paid by a sub-broker may not be denied to be set off a....