ORDER
S.L. Peeran, Member (J)
1. The appellant is seeking waiver of pre-deposit of Rs. 2,24,149/-. The appellants are carrying on the services of Commission Agents dealing with Mutual Funds. The Revenue has proceeded to levy Service Tax under the heading Business Auxiliary Services. The appellants are claiming exemption under Notification No. 13/2003-ST dated 20.06.2003 which exempts Commission Agents handling ‘Goods’. However, the authorities have not accepted this plea and have confirmed the demands. In a similar matter, the Mumbai bench in the case of Ankam Finvest Pvt. Ltd. v. CST, Mumbai 2007-TIOL-440-CESTAT-MUM has remanded the matter for de novo in view of the definition given to Mutual Funds by SEBI. It has been observed that this aspect has not been examined in the Circular 66/15/2003-ST dated 05.11.2003 relied by the Revenue which says that the Mutual Funds are not covered under the Notification.
2. Heard the learned Chartered Accountant and the learned JDR.
3. It is seen that the SEBI has defined the term Mutual Funds as also coming within the term “Goods”. The matter has been remanded by the Mumbai bench. Since the matter is still pending re-adjudication, the prayer of the Chartered Accountant for granting waiver of pre-deposit is accepted. Stay application is allowed. There shall be no recovery till the appeal is heard finally and disposed of. Matter to come up in its turn.
(Pronounced and dictated in open Court)