Prabhat Financial Services Ltd. Vs. Commissioner of Central Excise

Prabhat Financial Services Ltd. vs Commissioner of Central Excise

Type Court Judgment Court Customs Excise and Service Tax Appellate Tribunal CESTAT Delhi Decided Jul 23, 2007

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Citation: sooperkanoon.com/45872
Court: Customs Excise and Service Tax Appellate Tribunal CESTAT Delhi
Judge: R Abichandani
Decided On: Jul 23, 2007
Subject: Service Tax

Case Summary

AI-generated summary - not the official court judgment text.

Service Tax

Key legal issue: Service Tax

Parties & Advocates

Appellant / Petitioner

Prabhat Financial Services Ltd.

Respondent

Commissioner of Central Excise

Excerpt

1. prior to the amendment in the definition of 'sub-broker', which was made on 10.9.2004, the portion of taxable service provided by 'stock broker' was exempted under the notification no. 25/2004-st dated 10.9.2004. however, thereafter, since sub-broker was included in the definition of 'stock broker', the exemption stood withdrawn. however, the liability, which was earlier exempted would, prima facie, be that of 'stock broker' in the capacity as a stock broker in respect of the services provided by the said stock broker. the appellant has, therefore, made out a prima facie case for waiver of pre-deposit of the service tax and the penalty payable under the impugned order. there shall be waiver of pre-deposit of service tax and penalty payable under the impugned order during the pendency of the appeal. the appeal will come up for final hearing in its due course. this application is, therefore, allowed.

Full Judgment

1. Prior to the amendment in the definition of 'sub-broker', which was made on 10.9.2004, the portion of taxable service provided by 'stock broker' was exempted under the Notification No. 25/2004-ST dated 10.9.2004. However, thereafter, since sub-broker was included in the definition of 'stock broker', the exemption stood withdrawn. However, the liability, which was earlier exempted would, prima facie, be that of 'stock broker' in the capacity as a stock broker in respect of the services provided by the said stock broker. The appellant has, therefore, made out a prima facie case for waiver of pre-deposit of the service tax and the penalty payable under the impugned order. There shall be waiver of pre-deposit of service tax and penalty payable under the impugned order during the pendency of the appeal. The appeal will come up for final hearing in its due course. This application is, therefore, allowed.

Same Court & Year Customs Excise and Service Tax Appellate Tribunal CESTAT Delh... Same Parties Prabhat Financial Services Ltd. vs Commissioner of Central Ex... Same Subject Service Tax Same Judge R Abichandani