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TMI Blog2014 (7) TMI 33X X X X Extracts X X X X X X X X Extracts X X X X ..... - Tribunal in the case of CST vs. P.N. Vijay Financial Services Pvt. Ltd. reported in [2008 (9) TMI 72 - CESTAT, NEW DELHI] held that mutual fund units being goods as per the definition of Section 65(5) of the Finance Act read with Section 2(7) of the Sale of Goods Act, stand at par with the stock and share and the same are to be treated as goods. In view of the above decision, we find merit in the contention of the appellants regarding imposition of penalties. By invoking the provisions of Section 80 of the Finance Act, the penalties imposed under Sections 76, 77 and 78 are set aside, otherwise the impugned order is upheld - Decided partly in favour of assessee. - Appeal No.ST/200/08-Mum - - - Dated:- 12-2-2014 - S S Kang and P K Jain, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... confusion in the service sectors, the appellants were under the bona fide belief that as the appellants are receiving only commission in respect of sale of bonds etc., the appellants are not liable for service tax in view of the provisions of Notification 13/2003-ST. The appellants also relied upon the decision of the Tribunal in the case of CST vs. P.N. Vijay Finance Services Pvt. Ltd. reported in 2008 (12) STR 628 to submit that the Mutual Fund Scheme stands at par with the stock and share and is to be treated as goods under Notification 13/2003-ST. In these circumstances, the contention is that the appellants had no intention to evade payment of service tax and the appellants are not liable for any penalties. 6. The Revenue relied up ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rities Ltd. (supra) 8. Further, we find that the Tribunal in the case of CST vs. P.N. Vijay Financial Services Pvt. Ltd. reported in 2008 (12) STR 628 held that mutual fund units being goods as per the definition of Section 65(5) of the Finance Act read with Section 2(7) of the Sale of Goods Act, stand at par with the stock and share and the same are to be treated as goods. In view of the above decision, we find merit in the contention of the appellants regarding imposition of penalties. By invoking the provisions of Section 80 of the Finance Act, the penalties imposed under Sections 76, 77 and 78 are set aside, otherwise the impugned order is upheld. The appeal is disposed of as indicated above. (Dictated in Court) - - TaxTMI - T ..... X X X X Extracts X X X X X X X X Extracts X X X X
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