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TMI Blog2013 (9) TMI 222X X X X Extracts X X X X X X X X Extracts X X X X ..... rust in India are liable to tax. The total amount towards service tax involved in these cases is Rs. 272 crores (approx.) and penalties also have been imposed. Even though there are 18 orders, issue involved is common and therefore all the appeals are taken together for consideration. 2. At the outset the learned counsel also pointed out that 3 more appeals have not been listed two of which being Appeal Nos. ST/1643/12 & 25135/13 (Appeal No. of third one not given). Since the issue involved is same in these appeals also, with the consent of both sides those stay applications and appeals were also called for and have been taken up for consideration. 3. On behalf of the appellants, the learned counsel explained the system adopted or the pro ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ken a stand that in addition to payment of service tax by the service providers in respect of asset management fees, audit fee, bank charges, trusteeship fee etc. wherever liable and in respect of other expenses which are not liable to service tax in the hands of service providers, the venture capital fund is required to pay service tax and on this ground impugned orders have been passed resulting in total demand of service tax amounting to more than Rs. 2.4 crores with interest and penalties under various Sections of Finance Act 1994. 4. The learned counsel submits that the trust and the investors cannot be segregated and the trust actually is not different from the investors and what the investor would have done by themselves if they wer ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... issued by the Board is relating to exit load and entry load and has no relationship with the issue before us since in this case the department did not propose to levy service tax either. As regards the claim that the department is proposing to tax expenses incurred by the fund, he submits that such a submission was not made before the original authority. 6. We have considered the submissions made by both the sides. Whether the trust and the investors can be considered as one and the same, requires consideration of statutory provisions, facts of the case and other issues which cannot be gone into in detail at this stage. However after considering the arguments and after hearing both sides, we take a view that appellant has not been make out ..... X X X X Extracts X X X X X X X X Extracts X X X X
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