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TMI Blog2010 (5) TMI 349X X X X Extracts X X X X X X X X Extracts X X X X ..... nk accounts which prima facie may not be covered under the category of "Banking and Other Financial Services" - application for waiver of pre-deposit of the amounts involved is allowed and recovery thereof stayed till the disposal of the appeal - ST/601/2009 - 427/2010 - Dated:- 17-5-2010 - S/Shri M.V. Ravindran, Member (J) and P. Karthikeyan, Member (T) REPRESENTED BY : Shri S. Anan ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... axes, sale of Government of India Bonds, sale of credit cards and sale of Mutual Fund units. 4. The learned Chartered Accountant appeared on behalf of the appellant submits that as regards the commission received towards tax collection from Central and State Governments and sale of bonds, it is the submission that such services cannot be considered as services under the category of 'Busine ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... regards the commission received on marketing and sale of units of mutual funds, he submits that the Principal Bench at New Delhi in the case of Commissioner of Service Tax, Delhi v. P.N. Vijay Financial Services (P) Ltd. [2008 (12) S.T.R. 628 (T) = 2008 (17) STT 107 (New Delhi - CESTAT)] held that units of mutual funds are goods and hence, such service cannot be considered as 'Business Auxiliary S ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ies of Central and State Governments and sale of Government Bonds. We find from the records that the activity of the appellant is in respect of collecting of taxes from the citizen and remitting the same to Government treasury. Such an activity, can be at most, may be called as an operation of bank accounts which prima facie may not be covered under the category of "Banking and Other Financial Ser ..... X X X X Extracts X X X X X X X X Extracts X X X X
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