9911796707
TMI Blog2011 (2) TMI 337X X X X Extracts X X X X X X X X Extracts X X X X ..... on legislation - If the main stock broker is subjected to levy of service tax on the self same taxable service provided by sub-broker to the stock broker and the sub-broker has paid service tax on such service, the stock broker shall be entitled to the credit of service tax - Such a proposition finds support from the basic rule of Cenvat credit and service of a sub-broker may be input service prov ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... istribution of mutual fund units of various mutual fund companies during the period w.e.f. 9.7.2004 to 31.3.2005. 2. The applicants had entered into an agreement with M/s. V.S. Infrastructural Capital Ltd. (main contractor) as per which the main contractor were to enter into an agreement with mutual fund companies to explore investment in mutual funds, corporate finance, portfolio management serv ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... for double taxation of the services. He relied on the decision of M/s. Vijay Sharma & Company vs. Commissioner of Central Excise, Chandigarh reported in 2010 (20) S.T.R. 309 (Tri.-LB). 4. Heard and considered. 5. We find that the Larger Bench of this Tribunal in the case of M/s. Vijay Sharma & Company (Supra) has held as under:- 9. It is true that there is no provision under Finance Act, 1994 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... uch service, the stock broker shall be entitled to the credit of service tax. Such a proposition finds support from the basic rule of Cenvat credit and service of a sub-broker may be input service provided for a stock-broker if there is integrity between the services. Therefore, tax paid by a sub-broker may not be denied to be set off against ultimate service tax liability of the stock broker if t ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
