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TMI Blog2018 (4) TMI 545X X X X Extracts X X X X X X X X Extracts X X X X ..... rvice tax on the foreman commission for the disputed period - appeal allowed - decided in favor of appellant. - ST/ 20146/2015-DB, ST/ 20615/2015-DB, ST/ 20616/2015-DB, ST/ 20994/2014-DB, ST/ 20995/2014-DB, ST/ 20996/2014-DB, ST/ 20997/2014-DB, ST/ 21036/2014-DB, ST/ 21037/2014-DB, ST/ 21049/2014-DB, ST/ 21133/2014-DB, ST/ 21237/2014-DB, ST/ 21238/2014-DB, - 23261-23276 & 23314 / 2017 - Dated:- 13-12-2017 - SHRI S.S GARG, JUDICIAL MEMBER AND SHRI V. PADMANABHAN, TECHNICAL MEMBER Shri V. Raghuraman, Advocate, Shri M. Narayana Swamy Naidu, Advocate, AB G Associates, Conslt, Shri Chennappa R. Nulvi, CA, for the appellant Shri Pakshirajan, Assistant, Commissioner, AR, For the Respondents ST/Early Hearing/ 20781/2017, ST/ ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ng in mind the nature of the chit fund business, it becomes difficult to hold that such business amounts to cash management 2. After considering the arguments of both the parties regarding the definition of the term \cash management, the Hon'ble Supreme Court concluded that term I cash management' in its common parlance will not include chit fund business. Accordingly, the Supreme Court set aside the demand for service tax on the foreman commission for the disputed period, The Hon'ble Supreme Court in the above decision observed as under: 35. We, therefore, hold that the term 4 cash management' as understood in common parlance would not embrace chit fund business. Question No, 2 Whether chit fund can be treated ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... f money set aside and earmarked for a specified purpose. (ii) Accounting entity (similar to a- ban-k account) for recording expenditures and revenues associated with a specific act fund. (iii) To finance or underwrite a business, program, or project. (iv) Popular term for mutual fund. (Ref.http://www.Businessdictionary.com/definition/fund.html) (d) Fund Management-Management of the investment fund of an institution such as an insurance company or a pension scheme. It is sometimes known as investment management (Ref Advanced Law Lexicon, Book I, P, Ramanatha Aiyar,3rd edition Reprint 2000 @70). (e) Fund management 'The business of dealing with the investment of sums of money ort behalf of clie ..... X X X X Extracts X X X X X X X X Extracts X X X X
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