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TMI Blog2017 (1) TMI 976X X X X Extracts X X X X X X X X Extracts X X X X ..... intendent (AR) for the respondent Per: M V Ravindran: This appeal No. is directed against Order-in-Appeal No. TKG/21/2011 dated 17/08/2011 passed by the commissioner of Central Excise (Appeals), Mumbai Zone -I. 2. Heard both the sides and perused the records. The issue involved in this case is regarding taxability of the amounts received as commission by the appellant for underwriting services ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the issue equity shares through private placements under the category of 'Underwriting but the same is taxable under 'Merchant Banking Service'. It is that submission that there was no intention to evade the tax hence extended period of time cannot be invoked. 3. On perusal of the various case laws and records, we find that the activity of 'Underwriting' is now settled by the, Tr ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s undertaken by them were not taxable. In the absence of anything to support that their activity, was outside the scope of the service tax law and that they would have entertained such a view, we find that, the claim of the appellant before us that there was a bona fide belief is not acceptable and is liable to be rejected. 5. In view of the foregoing, we hold that the impugned order is legal and ..... X X X X Extracts X X X X X X X X Extracts X X X X
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