2010 (5) TMI 228 - AT - Service Tax

Stay- Valuation- The demand in the present case pertains to the NSE/BSE transaction charges recovered by the assessee who is a registered stock broker on behalf the stock exchange for the period from 1-4-04 to 17-4-06 by way of issuance of show cause notice dt. 22-2-08. Held that- in the light of the decision of M/s. Anagram Capital Ltd. v. CST Ahmedabad 2010 -TMI - 75046 - CESTAT, AHMEDABAD, in which held that NSE transaction charges liable to service tax from May 2008 and not before. Thus the appellant having good prima facie case in his favour. Stay will allowed.

Summary

The Appellate Tribunal CESTAT, Ahmedabad ruled in favor of the appellant regarding the demand for NSE/BSE transaction charges. The demand was found to be time-barred, and it was noted that NSE transaction charges were not liable to service tax before May 2008. The appellant's stay petition was allowed, and the appeal was scheduled for final disposal on 9-6-2010.