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TMI Blog2017 (9) TMI 1385X X X X Extracts X X X X X X X X Extracts X X X X ..... included as a part of the said services. Insofar as “Management Consultancy Services” are concerned these have at all times been under the Finance Act and chargeable to service tax. This would be the case even after the inclusion of Advisory and Auxiliary Financial Services under “Banking and other Financial Services” on 16th August 2002 - it is not open for the Appellant to take a contrary stand viz. that the Financial Advisory Services were falling under “Management Consultancy Services” prior to 16th August 2002. The Appellate Tribunal have also observed that the Board Circular dated 7th October 1998 categorically clarified that information and advisory services, if any, rendered by credit rating agency would not attract service tax. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... z. Commissioner of Central Excise, Thane I confirmed the demand of ₹ 1,50,42,302/- along with interest thereon and imposed penalties under the provisions of Finance Act, 1994. The Respondent being aggrieved by the Order-in-Original dated 31st October 2011 preferred an Appeal before the Appellate Tribunal. The Appellate Tribunal allowed the Appeal of the Appellant and set aside the order of the Adjudicating Authority dated 31st October 2011. The Appellant has challenged the impugned order in the present Appeal. 3. Mr. Dwivedi the learned counsel for the Appellant has submitted that the Financial Advisory Services provided by the Respondent falls under Management Consultancy Services and would be liable to service tax prior to 16 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e definition of Banking and other Financial Services reads thus:- Banking and other Financial Services means, 'the following services provided by a banking company or a financial institution including a non-banking financial company, namely (a) financial leasing services including equipment leasing and hire-purchase by a body corporate; (b) credit card services; (c) merchant banking services; (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, (f) Advisory and other auxiliary financial services including investment and po ..... X X X X Extracts X X X X X X X X Extracts X X X X
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