9911796707
TMI Blog2016 (10) TMI 390X X X X Extracts X X X X X X X X Extracts X X X X ..... nd urban infrastructure, disinvestment and risk management. The appellant started paying Service Tax on the aforesaid services under the head of Banking and Other Financial Services w.e.f. 16.08.2002 when the term body corporate was included in addition to banking and non-banking financial companies as the provider of such services. The 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 Rs. 1,50,42,302/- by proposing to classify the financial advisory services rendered by them under the category of Management Consultancy Service . I ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ect of advisory services, since there was a bona fide belief as per Board Circular dated 07.10.1998 they have not paid the Service Tax. The appellant have been filing the Service Tax return regularly. Therefore, in this fact there is no suppression of fact on the part of the appellant, therefore the extended period of demand have not 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 payi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... (d) securities and foreign exchange (forex) broking (e) Asset management including portfolio management, all forms of fund management, pension fund management, custodial depository and trust services, but does not include cash management. (f) Advisory and other auxiliary financial services including investment 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:- "Man ..... X X X X Extracts X X X X X X X X Extracts X X X X
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