Stay Petition – Existence of two different views justifies waiver of predeposit

Assessees have made out a strong prima facie case on the ground that, although they were charging management fees from the bank who lend/advance money to the SHGs, they were a non-profit making organisation as no profit or income or profit was paid or transferred to their members directly or indirectly by way of dividend or bonus. This view finds support from the decision of the Tribunal in M/s. Institute of Banking Personnel Selection Vs CST, Mumbai [2007 (8) STR 529]. Although the Commissioner (Appeals) has relied upon the Tribunal’s decision in M/s. Punjab Ex-Servicemen Corporation Vs...