9911796707
TMI Blog2016 (10) TMI 390X X X X Extracts X X X X X X X X Extracts X X X X ..... ? - Held that: - on the services in question the appellant has been paying Service Tax under the head of Banking and Other Financial Services w.e.f. 16.08.2002 and the Department had accepted the same. That being so, the Department cannot demand Service Tax on the very same activity under the category of Management Consultancy Service. The decision in the case of HSBC SECURITIES & CAPITAL MARKETS (I) PVT. LTD. Versus COMMR. OF ST., MUMBAI [2008 (6) TMI 159 - CESTAT MUMBAI] relied upon where it was held that advisory and due diligence services on acquisition of shares in listed companies rendered to an existing organisation cannot be considered to be Management Consultancy Service. The Board Circular dated 07.10.1998 referred to wherein i ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... department accepted the classification of the services rendered by the appellant under Banking and Other Financial Services w.e.f. 16.08.2002. However a show-cause notice dated 20.02.2003 was issued for the period 1999-2000 to 2001-02 demanding of Service Tax of ₹ 1,50,42,302/- by proposing to classify the financial advisory services rendered by them under the category of Management Consultancy Service . In the adjudication the demand along with interest and penalty was confirmed. Being aggrieved by the impugned order the appellant is before us. 2. Shri R.G. Sheth, learned Counsel appearing on behalf of the appellant submits that as per Board Circular No. B-11/3/98-TRU dated 07.10.1998 it was clarified that information and advisory ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ot been invoked, for the same reason, the penalties proposed under Section 76 77 of the Finance Act, 1994 is also not correct. 3. Shri A.K. Goswami, learned Additional Commissioner (A.R.) appearing on behalf of the Revenue reiterates the findings of the lower authorities. 4. We have carefully considered the submissions made by both the sides. We find that on the services in question the appellant has been paying Service Tax under the head of Banking and Other Financial Services w.e.f. 16.08.2002 and the Department had accepted the same. That being so, we do not understand how for the previous period the Department can demand Service Tax on the very same activity under the category of Management Consultancy Service . On the identical ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... vestment and portfolio research and advice, advice on mergers and acquisitions and advice on corporate restructuring and strategy; and (g) Provision and transfer of information and data processing. 5. We find that the advisory service of the appellant is clearly covered under clause (f) of the definition. The Department s claim that the services covered under Management Consultancy Service the definition is reproduced below:- Management Consultant U/s 65(37) means, any person who is engaged in providing any service, either directly or indirectly in connection with the management of any organisation in any manner and includes nay person who renders any advice, consultancy or technical assistance relating to conceptualising de ..... X X X X Extracts X X X X X X X X Extracts X X X X
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