2017 (8) TMI 401

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....f Service Tax. 2. The issue is with regard to imposition of Service Tax on the chit fund business of the present petitioners. 3. Mr.Raghuraman, learned counsel for the petitioners submitted before the Court that, in the recent decision of the Hon'ble Supreme Court in the case of Union of India and Others -vs- M/s. Margadarshi Chit Funds (P) Ltd. Etc. in Civil Appeal Nos.5724-5725/2011 decided on 04.07.2017, the Hon'ble Supreme Court has decided the said issue and has held that, the said chit fund business is neither 'cash management' nor 'fund management' and therefore, chit fund business was not covered by sub- clause (V) of Sub-section 12 of Section 65 even after its amendment by Finance Act, 2007. 4. The relevant portion of the said d....

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....as cash in hand, bank balance, accounts receivable. Any change in these resources is reflected in the firm's financial position. (Ref.http://www.businessdictionary.com/defini tion/funds.html) (d) Fund (i) Sum of money set aside and earmarked for a specified purpose. (ii) Accounting entity (similar to a bank account) for recording expenditures and revenues associated with a specific activity. (iii) To finance or underwrite a business, program, or project. (iv) Popular term for mutual fund. (Ref.http://www.businessdictionary.com/defini tion/fund.html) (d) Fund Management - Management of the investment fund of an institution such as an insurance company or a pension scheme. It is sometimes known as investment management. (Ref.Advanced L....

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....mpugned Show Cause Notice on 08.10.2015, the matter was covered in favour of the assessees by the decision of the Hon'ble Delhi High Court reported in 2013 (30) S.T.R. 347 (Del.) in the case of Delhi Chit Fund Association -vs- Union of India, against which the Special Leave Petition was dismissed by the Hon'ble Supreme Court on 07.01.2014 which is reported in 2015 (38) S.T.R. J202 [S.C.] and the review petition filed by the Union of India also came to be dismissed on 16.10.2014. 6. Learned counsel for the respondent-Department, however prayed for sometime in the matter to study these case laws. 7. Considering the submissions made at the bar, this Court is of the opinion that, the writ petitions are premature. If during the course of time,....