2011 (1) TMI 69

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..... ous mutual fund houses and also in selling, mobilising recommending investments in bonds issued by banking and non-banking companies - Show Cause Notice was issued to the respondent proposing demand of Service Tax and proposing imposition of penalties - Commissioner dropped the proceedings relying on the decision of the Hon ble High Court of Andhra Pradesh in the case of Karvy Securities Ltd. Vs. .....

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..... ged in the mobilising, selling, recommending mutual fund units of various mutual fund houses and also in selling, mobilising recommending investments in bonds issued by banking and non-banking companies. These activities were clarified to be falling under the category of business auxiliary services by Board s Circular No. 66/15/2003-ST dated 5.11.2003. Relying on the same, Show Cause Notice was is .....

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..... ocate for the respondent also relies on the decision in the case of Commissioner of S.T. Delhi Vs. P.N. Vijay Financial Services Pvt. Ltd. reported in 2008 (12) STR 628 (Tri.-Del.) holding similar view. 6. We find that the Commissioner has dropped the proceedings on the ground that the Circular dated 5.11.2003 of the Board which was the basis for issue of Show Cause Notice stands set aside by th .....

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