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TMI Blog2023 (5) TMI 84X X X X Extracts X X X X X X X X Extracts X X X X ..... the category of Sponsorship services, Renting of immovable property services and Sale of space for advertising services. As per the Order-in-Original, the adjudicating authority confirmed the demand of Rs.28,76,774/- being the service tax short paid by the assessee for the period from October 2011 to March 2016 under Section 73(1) of Finance Act, 1994 read with Rule 14 of the Cenvat Credit Rules, 2004. The appropriate interest on service tax confirmed and also imposed penalty of equal amount under Rule 15(3) of the Cenvat Credit Rules, 2004 read with section 78 of the Finance Act, 1994. The said order was under challenge before the Commissioner (Appeals) and 1st appellate authority vide Order dated 05.03.2021 dismissed the appeal. Aggrieve ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... lesser than Rs.6,13,013/- which is a higher figure under Rule 6(3A) of the Cenvat Credit Rules, 2004. Learned Counsel also submitted that investigation was commenced to ascertain the veracity of the ST-3 Returns submitted by the appellant and on conclusion of the said investigation, there is no evidence to invoke the extended period of limitation and even if it is assumed that the appellant has short paid the service tax, the demand should be limited to the normal period and of the amount statutorily provided under Rule 6(3A)(b) of the Cenvat Credit Rules, 2004. Hence the requirement of maintaining separate record under Rule 6(3) of the Cenvat Credit Rules, 2004 does not arise in law. Further, learned Counsel submitted that the issue is sq ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... transactions involved in the said categories are completely different. The trading activity is different from redemption of mutual funds. An investor is buying or redeeming mutual fund shares directly from the fund itself. This is different from stocks and ETFs, wherein the counterparty to the buying or selling of a share is another participant in the market. He further submitted that the case laws relied upon by the learned Counsel for the appellant is not applicable since it is a simple purchase and sale transaction for a profit. Thus, the investment made by the appellant towards buying and selling of derivatives clearly amounts to trading of derivatives. 4. I have gone through the submissions made by both the parties and perused the re ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... also held that extended period of limitation not invokable where Revenue"s case is based on balance sheet, Returns and other records of the assessee and also as per the provisions of Securities Contracts (Regulation) Act, 1956. 7. Considering the above, the extended period of limitation cannot be invoked in the present case. Learned Counsel for the appellant submitted that the adjudicating authority was provided with the copies of financial statements for the financial year 2011-12 till 2015-16 which provided all the relevant information for computing pro-rata reversal and also brought my attention to Page No.43 of the Appeal Memorandum where breakup of pro-rata reversal for each financial year is given. 8. Considering the above facts, it ..... X X X X Extracts X X X X X X X X Extracts X X X X
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