2026 (7) TMI 652

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....r short, referred to as "TML") for providing investment advisory services. The recipient of service is located in Mauritius, that is outside India. As per the agreement dated 10.12.2007, the services provided by the appellants inter alia, include identifying and advising potential opportunities for investments; providing reports on financial, economic and market intelligence on the companies in which funds could be invested (portfolio companies); updating TML on the performance of the portfolio-companies and furnishing TML with information required for monitoring portfolio-companies; advising TML on the timing, consideration, terms, mode and manner of investment/ disinvestments; and providing any other advisory services as may be directed b....

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.... in allowing the appeal filed by the Revenue. In support of allowing the appeal of Revenue, the learned Commissioner (Appeals) has recorded the following observations in the impugned order: - "It can be seen from the above circular that a service cannot be said to be used outside India in a situation where the service, though paid by a client located outside India, is actually used in respect of a project or an activity in India. Further, "accrual of benefit" cannot be restricted to the person who pays for the service. In this case, the appellant was required to provide service in relation to investment opportunities in India and the same were used for investment in connection with an activity of business of Indian companies and th....

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....Mumbai Vs. Q-India Investment Advisory Pvt. Ltd. - 2017 (10) TMI 754 - BOMBAY HIGH COURT, to state that investment advisory services provided to the foreign entity is to be considered as export of service inasmuch as the services were used outside India for the benefit of overseas entity. 3. On the other hand, learned AR appearing for the Revenue reiterates the findings recorded in the impugned order. 4. Heard both sides and perused the case records. 5. We find that the learned Commissioner (Appeals) in the impugned order dated 30.11.2016 has rejected the claim of the appellants towards export of service, holding that the appellants were required to provide service in relation to investment opportunities in India and the same were ....