2016 (12) TMI 858

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....he Appellant Shri Jude Joseph, AC (AR) For the Respondent ORDER Dispute in appeal relates to disallowance of cenvat credit on services provided by M/s.MAPE Advisory Group (P) Ltd. who was acting as Financial Advisor to the appellant. Appellant had entered into an agreement with MAPE and had availed tax credit based on invoices issued by the former. Department took the view that service pr....

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..... Advocate Shri Rabeen Jayaram, points out that the matter is coming before the Tribunal for the second time. He submits that the services of MAPE were in the nature of Financial Advisory Services to receive financial consultancy/advice on the question of disinvestment of their shares held in M/s. Henkel India Ltd. and M/s.SPIC Electric Power Corporation. He further submits that as per the advice ....

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....lation to the manufacture of their final products. 4. Heard both sides and gone through the facts. 5. It is not in dispute that the services availed by the appellant from M/s.MAPE are very much in the nature of Financial Advice for the purposes of disinvestment of shares to the extent indicated above. The averment of learned advocate that the proceeds of disinvestment were used as working ca....

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....ation to such activities". "Financing" finds a mention in the list of examples given in Rule 2(l). The type and nature of service provided by M/s.MAPE would definitely be services used in relation to financing and financial management of the appellant. This being the case, and considering that financial consultancy/advice is not disbarred otherwise in any of the exclusions in Rule 2(l) ibid, the e....