2013 (2) TMI 215

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..... hat:- Once the appellant is out of purview of section 65 (101), its activity was rightly covered by the service found by Revenue because there was a taxable service provided which unambiguously appears to be in the nature of business auxiliary service since the appellant was not sub-broker recognized by law. Therefore, both the authorities have rightly held that the appellant provided the impugned .....

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..... ness auxiliary service provider while it acted as a sub-broker to the main stock broker M/s. Bharat Bhushan Equity Traders Ltd. and says that his submission is supported by Board Circular No. 334/13/2009-TRU, dated 6.7.09. He relies on para 3.2 of the communication of the board to say that a sub-broker does not provide business auxiliary service to stock broker. It was stated on behalf of the a .....

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..... the authorities below. 3. Heard both sides and also perused the records. 4.Admittedly the appellant is not a sub-broker recognised under the Security Exchange Board of India Act 1992. Specific meaning of sub-broker is provided by section 65 (101) defining the stock broker which reads as under:- 65 (101) stock broker means a person, who has either made an application for registration or is r .....

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..... he appellant is out of purview of section 65 (101), its activity was rightly covered by the service found by Revenue because there was a taxable service provided which unambiguously appears to be in the nature of business auxiliary service since the appellant was not sub-broker recognized by law. Therefore, both the authorities have rightly held that the appellant provided the impugned service. Th .....

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..... sub-broker and taxability of the service provided by the appellant. Accordingly, in all fairness the appellant shall only be liable to service tax for the normal period without being taxed for extended period. The reasons aforesaid also convince to hold that the appellant shall not be liable to penalty. 8. In the result, appellant gets partial relief in so far as the penalty is concerned and l .....

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