2012 (8) TMI 564

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.... Cano, JDR, for the Respondent. [Order]. -  The Cenvat credit of Service tax paid on stock brokers services rendered by the appellant's company for sale of shares to Airtel has been denied in the impugned orders. The appellant is a promoter of Airtel JT Mobiles. They had held shares for a long time and finally they sold them and got out of the tag of promoters. The Cenvat credit has bee....

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....llant is working in telecommunication sector and was initial promoter of the telecom provider, it cannot be said the service received by them was selling of shares and has nothing to do with their business. He relied upon the decision of the Hon'ble High Court of Bombay in the case of Commissioner of Central Excise, Nagpur v. Ultratech Cement Ltd. reported in 2010-TIOL-745-HC- MUM-S.T. = 2010 (20)....

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....of Ultratech Cement Ltd. (supra) does not cover the appellant's case directly, the fact remain that decision of the High Court of Bombay lays down a ratio that inclusive part of the definition has to be given a wide meaning and what is to be seen is whether the activity for which service tax paid and credit taken is in relation to the business activity or not. The question as to whether disinvest ....