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TMI Blog2018 (7) TMI 1951X X X X Extracts X X X X X X X X Extracts X X X X ..... urce. Revenue has not suffered any loss due to discharge of tax liability by the asset management companies. There shall be no levy of tax on the present appellants. Appeal allowed - decided in favor of appellant. X X X X Extracts X X X X X X X X Extracts X X X X ..... Eastern Financiers Ltd. is covered under the principal of levy of Service Tax under the 'Reverse Charge Mechanism' and therefore, no service tax was payable by the appellant on the amount received as commission. It is also submitted that during the year 2005-06 and 2006-07, the appellants had worked as an intermediary for the two mutual fund distributors and for this purpose, they have also obtained Membership of Association of Mutual Funds in India. 3. The Ld. Representative of the appellants further argued that during the period of dispute, the services provided by them to the mutual fund distributors, cannot be classified as procurement of goods or services, which are inputs to the client and therefore, the allegation that the Service ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... x at Source. Sd/- Aurhorised Kolkata February 16, 2009" They have also filed details of commission and brokerage received during the period by the appellants. 7. We find that there is no provision in the Finance Act, 1994, for double taxation. The scheme of Service Tax Law suggests that it is a single point tax law without being a multiple taxation legislation. In absence of any statutory provisions to the contrary, providing of service being event of levy, self same service provided shall not be doubly taxable. If Service Tax is paid by sub-broker or stock broker in respect of same taxable service provided by the Stock Broker, the stock broker is entitled to the credit of the tax so paid on such service, only if entire chain o ..... X X X X Extracts X X X X X X X X Extracts X X X X
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