2018 (2) TMI 1127

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..... F INDIA] it was held that the amount retained by the Chit Fund Manager (like the appellant herein) is not liable for tax under Finance Act, 1994 under the category of Banking and other financial services - appeal allowed - decided in favor of appellant. - ST/85039/2014-ST[LB] - A/91789/2017 - Dated:- 27-12-2017 - SHRI M.V. RAVINDRAN, MEMBER (JUDICIAL) And SHRI C.J. MATHEW, MEMBER (TECHNICAL) .....

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..... s contributors of the Chit Fund was considered by the lower authorities as liable to tax on the ground that these services will fall under the category of Banking and other financial services. We find strong force in the contentions raised by the learned Counsel that the issue is no more res integra and has decided by the Apex Court in the case of Margadarshi Chit Funds (P) Ltd. 2017 SCC ONLINE S .....

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