2017 (9) TMI 1385

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....akes "Financial Advisory Services" in respect of energy, banking, development, finance, transport and urban infrastructure, disinvestment and risk management. The Appellant was paying service tax on the aforementioned services under the head of "Banking and other Financial Services" with effect from 16th August 2002. A show cause notice dated 20th February 2003 was issued for the period 1999-2000 to 2001-2002 demanding service tax of Rs. 1,50,42,302/- by classifying the Financial Advisory Services rendered by the Respondent under the category of "Management Consultancy Service". By an Order-in-Original dated 31st October 2011, the Adjudicating Authority viz. Commissioner of Central Excise, Thane - I confirmed the demand of Rs. 1,50,42,302/-....

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....ncial Advisory Services were a part of the service carried out by a "Management Consultant". He has contended that the Appellate Tribunal has erroneously arrived at a finding that the said services were not a part of Management Consultancy Services prior 16th August 2002 and therefore, not taxable prior to the said date. 4. The learned counsel appearing for the Appellant has supported the impugned order. 5. We have carefully considered the arguments. We observe that the Financial Advisory Services undertaken by the Respondent have been introduced for the first time in "Banking and other Financial Services" with effect from 16th August 2002. The definition of Banking and other Financial Services reads thus:- "Banking and other Finan....