2011 (4) TMI 502

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....s Anagram Stock Broking Ltd., Navarangpura, Ahmedabad are engaged in the business of Stock Brokers services. They were also engaged in providing the services in Banking & Other Financial activities. Since they were not paying any Service Tax, on the income from mutual funds, during the year 2004-2005, which the Revenue contended that it is a taxable event under the category of Business Auxiliary S....

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.... the case of Karvy Securities Ltd. Vs. UoI 2006 (2) STR 481 (AP), and was quashed. They challenged the jurisdiction of Commissioner(Appeals), in confirming the demand on commission received by the appellant as mutual fund distributor under Business Auxiliary Service category because they had never rendered any such service. As per Notification No.13/2003-ST, exemption under Business Auxiliary Serv....

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....ion or marketing or sale of goods. But as the 'Business Auxiliary Service' provided by a commission agent by way of sale and purchase of "goods" stands exempted under Notification No.13/2003-S.T., the conclusion is irresistible that the respondent were not liable to pay any service tax for service rendered as commission agent in connection with sale and purchase of units of mutual fund schemes dur....