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May 2008

Share Transfer Agency Service

By Puloma Dalal, Bakul B. Mody, Chartered Accountants
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II. Tribunal :




12. Share Transfer Agency Service :



Karvy Consultants Ltd. v. CCE, Hyderabad, 2008 (10) STR
166 (Trib.-Bang)

â Service tax was
demanded on the activity of the appellant of Registrar and Share Transfer Agency
treating the same as Business Auxiliary Service. Relying on the ratio of
decision in the case of Sathguru Management Consultancy Pvt. Ltd. CCE, Hyderabad
2007 (7) STR 654, which in turn had relied on the decision in the case of CCE
v. Ankit Consultancy Ltd., 2007 (6) STR 101 (Trib. Del) wherein it was held
that Share Transfer Agency and Registrar Services were not covered as Business
Auxiliary Services prior to 1-5-2006 (when a separate category for Share
Transfer Agency was notified), the appeal was allowed.

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