2015 (11) TMI 1177

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....cal) For the Petitioner : Shri Yash Parmar, C.A For the Respondent : Shri A.B. Kulgod, Asst. Commissioner (AR) ORDER Per: M.V. Ravindran This appeal is directed against order-in-appeal No. SB(42)72/STC/2009 dated 03.11.2009. 2. Heard both sides and perused the records. 3. The issue involved in this appeal is (i) whether service tax liability arises on the appellant under the c....

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....tions raised by the learned D.R. for the Revenue nor do we accept the findings by the first appellate authority on this issue. Basically, the definition of financial institutions which sought to be relied upon by the lower authorities and the representative is misplaced in as much this Bench in the case of Parag Parikh Financial Advisory Services Ltd. 2015-TIOL-287-CESTAT-MUM has considered identi....

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....curities would be financial institutions which is a totally wrong interpretation fo the statutory definition of a financial institution. There is also no evidence available on record to show that the appellant has been registered under the RBI Act as a Financial Institution". It can be seen from the above reproduced paragraphs the issue is now squarely covered in favour of the appellant herein....

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.... arguments put forth by the learned C.A. that this activity would not fall under the services of 'Management Consultancy' is incorrect as the services which are raised by the appellant indicate that their employees on deputation were infact doing Management Consultancy Services. To that extent we find that the impugned order is correct and legal and does not suffer from any infirmity. We hold that....