2009 (6) TMI 61

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..... r the Appellant. V.V. Hariharan for the Respondent. ORDER Ms. Jyoti Balasundaram, Vice President. - By the impugned order, the Commissioner (Appeals) has upheld the order of adjudication by which differential service tax liability of the assessee has been assessed as Rs. 3,10,382 and demanded from the assessee together with interest and penalty of equal amount has been imposed. The department's .....

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..... The appellants have been created to provide additional facility to the members of the Madras Stock Exchange to trade with the Mumbai Stock Exchange as per Memorandum of Association and Articles of the appellants, they act as a market intermediary for facilitating the transactions of the members of the MSE and with other stock exchanges where the appellants are members. They provide terminals for t .....

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..... ociation and Article of Association entered into by the appellants with Madras Stock Exchange. Since the appellants do not fall within the definition of stock broker and further since they do not render any taxable service as defined in section 65(105)(a), the demand confirmed against them and the penalty imposed upon cannot be sustained. We, accordingly, set aside the same and allow the appeal.

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