Case Law Details
National Securities Depository Ltd. Vs Commissioner of Service Tax (CESTAT Mumbai)
Intelligence gathered by the officers of Directorate General Of Central Excise Mumbai Zonal Unit to effect that Appellants were not discharging service tax on operational income received on account of transaction fees, custodial fees etc, by wrongly claiming exemption from service tax as per Board Circular No.B.II/1/200/TRU dated 09.07.2001. These amounts received by the Appellants from Depository Participants appeared to be liable to taxation under the category of “Banking and Financial Services”.
CESTST Mumbai held as follows:-
> the services provided by the appellant to depository participants are aptly of “provision and transfer of information and data processing”, classifiable under (vii) of Banking and Financial Services as defined under Section 65(12) of Finance Act, 1994;
> Extended period of limitation as per proviso to Section 73(1) of Finance Act, 1994, for demanding the service tax is invocable.
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