2018 (4) TMI 545

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....nappa R. Nulvi, CA, for the appellant Shri Pakshirajan, Assistant, Commissioner, AR, For the Respondents ST/Early Hearing/ 20781/2017, ST/Early Hearing/ 20776/2017, ST/Early Hearing /20775/2017, ST/Early Hearing/ 20782/2017, ST/Early Hearing/ 20777/2017, ST/Early Hearing/ 20778/2017, ST/Early Hearing/ 20779/2017, ST/Early Hearing/ 20780/2017 in ST/20146/2015-DB, ST/ 20615/2015DB, ST/ 20616/2015-DB, ST/ 20994/2014-DB, ST/ 20995/2014-DB, ST/ 20996/2014-DB, ST/ 20997/2014-DB, ST/ 21036/2014-DB, ST/ 21037/2014-DB, ST/ 21049/2014-DB, ST/ 21133/2014-DB, ST/ 21237/2014-DB, ST/ 2.1238/2014-DB, ST/ 21239/2014-DB, ST/ 21240/2014-DB, ST/ 23517/2014-DB, ST/ 20939/2014-DB in ST/21239/2014-DB, ST/ 21240/2014-DB, ST/23517/2014-DB, ST/ 20939/2014-DB ....

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....ore, hold that the term 4 cash management' as understood in common parlance would not embrace chit fund business. Question No, 2 Whether chit fund can be treated as form of fund management?    36. We may mention that the entire case of the Revenue was that chit fund amounts to cash management and cash management is one of the forms of fund management. Once we have held that ch.it fund business is not cash management or a business of managing cash. Further discussion on this issue is required. However. dehors the issue of cash management We are of the view that activity of managing chit fund does not amount management of any type of fund even as per the definition from diction art/ re lied upon by the Revenue. fund is an aggr....

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....anatha Aiyar,3rd edition Reprint 2000 @70). (e) Fund management   'The business of dealing with the investment of sums of money ort behalf of clients   (Ref, http://www.investorguide.com/definition/fund-management. html)   (t) Asset Management The function of managing assets on behalf of a customer usually for a fees Management of assets of a customer, usually for a fee. Broadly. the efficient control and exploitation of a company's assets9 most commonly used to describe the management of any fund by a fund (Ref. Advanced Law Lexicon, Book I, P. Ramanatha Aiyar, 3rd edition Reprint 2 (DC) 9 7 948)." 37. again, it refers to a fund which is normally created by a business or an organization for a specific pur....