2015 (2) TMI 351

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....: Shri Vinay Jain, CA For the Respondent : Shri B K Iyer, Supdt (AR) ORDER Per: P. R. Chandrasekharan: 1. The appeal is directed against Order-in-Appeal no. SB(58)58/STC/2009 dated 17/09/2009 passed by the Commissioner of Central Excise (Appeals), Mumbai. Vide the impugned order, the learned lower appellate authority has confirmed service tax demand of Rs. 2,37,711/- against the appell....

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.... financial advisory services by a banking company or a financial institution including a non-banking financial company was liable to service tax. Appellant was not a "financial institution" as defined in section 45-I(c) of the RBI Act, 1934; which reads as follows: "(c) ''financial institution'' means any non-banking institution which carries on as its business or part of its business a....

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....under any scheme or arrangement by whatever name called, monies in lumpsum or otherwise, by way of subscriptions or by sale of units, or other instruments or in any other manner and awarding prizes or gifts, whether in cash or kind, or disbursing monies in any other way, to persons from whom monies are collected or to any other person," 2.1 The allegation of the department is that the appellant....

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.... as an NBFC, unless the activities are undertaken are of receiving deposits/lending, service tax liability cannot be fastened. In the present case, the appellant is not undertaking the activity of a financial institution and, therefore, the ratio of said decision would apply. 3. The learned Superintendent (AR) appearing for the Revenue reiterates the findings of the lower authorities. 4. We ....