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CENVAT Credit on Mutual Fund Transactions: Redemption and Subscription Not Exempt Services u/r 6 of 2004 Rules.

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....Disallowance of CENVAT Credit - activity of purchase and sale of units of Mutual Fund Schemes - trading (exempt) services or not - the activity of redemption and subscription of mutual fund is akin to management of investments and not trading in services, it cannot be held as exempted service, for seeking the reversal as per provisions of Rule 6 of CENVAT Credit Rules, 2004. - AT....

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