2014 (1) TMI 1611

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....nt : Shri V K Agarwal, Addl. Comm. (AR) PER : P R Chandrasekharan The appeal is directed against Order-in-Original No. 14/COMMR (AK)/08 dated 26/02/2008 passed by Commissioner of Central Excise (Adj), Belapur. 2. Vide the impugned order, a service tax demand of Rs.1,53,07,091/- has been confirmed against HDFC Bank Ltd. along with interest thereon and also by imposing penalties under Secti....

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....hat the said services rendered by the appellant bank to the RBI comes under the category of Banking and Finance Services. Aggrieved of the same, the appellant is before us. 2 #. The Ld. Consultant for the appellant submits that the issue is covered by the decision of this Tribunal in the case of Canara Bank Vs. CST, Bangalore reported in 2012 (28) STR 369 (Tri-Ahmd) and Union of Bank of India V....

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....earing for the Revenue strongly refuted the arguments advanced by the Ld. Consultant. It is his contention that the circular issued in 2010 is in respect of Government securities whereas in the present case, the issue is of tax savings bonds and, therefore, tax savings bonds cannot be construed as a security and hence, the ratio of the above decisions of this Tribunal and circular are not applicab....

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....sale of the security. From the Circular dated 10/08/2010 issued by the CBE&C, it is clear that there is no service tax liability on underwriting fee or underwriting commission received by the primary dealers for dealing in Government securities; the same logic would apply in respect of brokerage also. Further, this Tribunal in the case of Canara Bank and Union Bank of India cases (cited supra) has....