2013 (5) TMI 204

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...., JJ. Appellant Rep by: Mr. M. S. Vivekanand, Adv. Respondent Rep by: Mr. Ganesh Haavanur, Additional Commissioner (AR) Per: M. Veeraiyan: Heard both sides extensively on the stay petition. 2. The relevant facts, in brief, are as follows:     (a) The appellant is a registered stock broker. They collected from the investors amounts in the name of 'brokerage charges' up to 2.5% ....

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....service charges levied by them as stock brokers and proposing demand of service tax which stands confirmed by the Commissioner. 3. Learned advocate for the appellant submits that the amounts collected by them as 'transaction charges' are at the instance of the stock exchange. In this regard he submits print out on 'frequently asked questions-equities' issued by National Stock Exchange and submits....

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....y Order of the Tribunal in the case of Sriram Insight Share Brokers Ltd. Vs. CST, Kolkata reported in 2009 (14) S.T.R. 86 (Tri.-Kolkata), particularly paragraph 4 wherein it has been prima facie held that the transaction charges are payable by the stock brokers who are Trading Members of the stock exchanges and not to be paid by the clients of a stock broker. 5. We have carefully considered the s....