2013 (11) TMI 49

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... goods. The hon'ble High Court of Andhra Pradesh in the case of Karvy Securities Ltd. [2004 (9) TMI 604 - ANDHRA PRADESH HIGH COURT], has set aside the circular dated 05/11/2003 issued by the CBEC and there is no stay obtained by the Revenue against the said order of the hon'ble High Court of Andhra Pradesh. In view of the above, the decision of the hon'ble High Court of Andhra Pradesh is the law p .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... ants wrongly on the services rendered by them. 2. The only ground urged in the appeal memorandum is that the department has gone in appeal against the Andhra Pradesh High Court's decision in the case of Karvy Securities Ltd. vs. Union of India 2006 (2) STR 481 (AP) which had struck down the circular NO. 66/15/2003-S.T. dated 05/11/2003 wherein it was clarified that mutual funds are not goods' a .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... Notification NO. 13/2003-S.T. is available to mutual funds since they are goods. The hon'ble High Court of Andhra Pradesh in the case of Karvy Securities Ltd. cited supra, has set aside the circular dated 05/11/2003 issued by the CBEC and there is no stay obtained by the Revenue against the said order of the hon'ble High Court of Andhra Pradesh. In view of the above, the decision of the hon'ble H .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X