Appellants: Arisaig Partners (India) Pvt. Ltd. Vs.
Finance Act, 1994 - Section 96D(2), 96D(4) and 96(5); Export of Services Rules, 2005 1. The applicant is a wholly owned subsidiary Indian company of AP Asia, a foreign company. It is stated that it would be providing, among others investment research and other advisory services. It has entered into an agreement with holding company for providing services on fees which are claimed to be at arm's length on total costs over a financial period.
2. On the aforementioned facts, it has sought an advance ruling of the Authority on the following question: Whether investment research and advisory services proposed to be provided by AP India to the overseas entity fulfill the eligibility conditions provided in the Export of Services Rules, 2005 (as amended), which have been introduced by Notification No. 9/2005-section T.dated March 3,2006? 3. On examination of the application and comments of the Commissioner, we are of the view that none of the clauses in the proviso to Sub-section (2) of Section 96D of the Finance Act, 1994 is attracted.
We therefore allow this application for the purpose of pronouncement of advance ruling on the aforementioned question under Sub-section (4) thereof.
4. Let the applicant be informed that under Sub-section (5) of Section 96D, it has a right to be heard before pronouncement of the ruling by the Authority, if it so desires. If the applicant wishes to be heard, it should intimate the Authority of its intention within ten days from the date of receipt of a copy of this order.
5. The Commissioner shall forward records and further material, if any, pertaining to the above application within ten days from the date of receipt of this order. It is needless to mention that the Commissioner will also be granted an opportunity of being heard.