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TMI Blog2017 (9) TMI 941X X X X Extracts X X X X X X X X Extracts X X X X ..... iod 9th April 2004 to 31st March, 2005, the SCN has been issued on 24/01/2009 - the demand is time barred on limitation. Appeal allowed on merits as well as limitation - decided in favor of appellant. - Service Tax Appeal No. 219 of 2010 (SM) - Final Order No. 70991/2017 - Dated:- 8-9-2017 - Shri Ashok Jindal, Member ( Judicial ) Shri Atul Gupta, Advocate for the Appellant Shri Mohd. Atlaf, Authorized Representative (DR) for the Respondent ORDER Per. Ashok Jindal The issue involved in this case is demand of service tax on commission received for distribution of mutual fund units of various mutual fund companies during the period w.e.f. 09/07/2004 to 31/03/2005. 2. The appellants had entered into an agreement ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... eported in 2007 (216) E.L.T. 177 (S.C.). 5. Heard the parties considered the submissions. 6. I find that the issue went before the Larger Bench of the Tribunal in the case of Vijay Sharma Company (supra) wherein it has been held :- 8. The dispute in all the three references is on a narrow compass. There is no dispute by either side that a sub-broker is falling under the definition of stock broker under Section 65(101) of the Finance Act, 1994 w.e.f. 10-9-2004. The definition reads as under :- (101) Stock-broker means a person, who has either made an application for registration or is registered as a stock-broker or sub-broker, as the case may be, in accordance with the rules and regulations made under SEBI Act 1992 . ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... in of identity of sub-broker and stock broker is established and transactions are provided to be one and the same. In other words, if the main stock broker is subjected to levy of service tax on the self same taxable service provided by sub-broker to the stock broker and the sub-broker has paid service tax on such service, the stock broker shall be entitled to the credit of service tax. Such a proposition finds support from the basic rule of Cenvat credit and service of a sub-broker may be input service provided for a stock-broker if there is integrity between the services. Therefore, tax paid by a sub-broker may not be denied to be set off against ultimate service tax liability of the stock broker if the stock broker is made liable to serv ..... X X X X Extracts X X X X X X X X Extracts X X X X
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