Karnataka High Court
Icici Strategic Investments Fund vs Commissioner Of Central Tax on 8 February, 2024
Author: P.S. Dinesh Kumar
Bench: P.S. Dinesh Kumar
C.E.A No.20/2021
and Connected matters
1
IN THE HIGH COURT OF KARNATAKA AT BENGALURU
DATED THIS THE 08TH DAY OF FEBRUARY, 2024
PRESENT
THE HON'BLE MR. P.S. DINESH KUMAR, CHIEF JUSTICE
AND
THE HON'BLE MR. JUSTICE UMESH M. ADIGA
C.E.A No. 20/2021
C/W
C.E.A No. 18/2021, C.E.A No. 19/2021,
C.E.A No. 21/2021, C.E.A No. 22/2021,
C.E.A No. 23/2021, C.E.A No. 24/2021,
C.E.A No. 25/2021, C.E.A No. 26/2021,
C.E.A No. 27/2021, C.E.A No. 28/2021,
C.E.A No. 29/2021, C.E.A No. 30/2021,
C.E.A No. 31/2021, C.E.A No. 32/2021,
C.E.A No. 33/2021, C.E.A No. 34/2021,
C.E.A No. 35/2021, C.E.A No. 36/2021,
C.E.A No. 37/2021, C.E.A No. 38/2021,
C.E.A No. 39/2021, C.E.A No. 40/2021,
C.E.A No. 41/2021, C.E.A No. 42/2021,
C.E.A No. 43/2021, C.E.A No. 44/2021,
C.E.A No. 45/2021, C.E.A No. 46/2021,
C.E.A No. 47/2021, C.E.A No. 48/2021
IN C.E.A No. 20/2021
BETWEEN :
M/S INDIA ADVANTAGE FUND III
C/O ICICI VENTURE FUNDS
MANAGEMENT CO. LTD.
10TH FLOOR, PRESTIGE OBELISK
NO.3, KASTURBA ROAD
C.E.A No.20/2021
and Connected matters
2
BANGALORE-560 001.
CURRENT ADDRESS
3RD FLOOR, PRESTIGE TAKT
KASTURBA ROAD CROSS
BANGALORE, KARNATAKA-560 001
REPRESENTED BY ITS
CHIEF FINANCIAL OFFICER
Ms. BEENA MUKESH CHOTAI ... APPELLANT
(BY SHRI. G. SHIVADASS, SENIOR ADVOCATE FOR
SHRI. G.L. MOHAN MAIYA, ADVOCATE)
AND :
THE COMMISSIONER OF CENTRAL TAX
BANGALORE NORTH COMMISSIONERATE
NO.59, HMT BHAWAN
GROUND FLOOR, BELLARY ROAD
BANGALORE-560 032. ... RESPONDENT
(BY SHRI. JEEVAN J. NEERALGI, AGA)
THIS CEA IS FILED UNDER SEC.35G OF THE CENTRAL EXCISE
ACT, 1944 R/W SECTION 83 OF THE FINANCE ACT, 1994, ARISING OUT
OF ORDER DATED: 01/07/2021 PASSED IN FINAL ORDER NO.
20381/2021 (PASSED IN COMMON ORDER NO.20372-20402/2021) BY
THE CESTAT IN APPEAL NO. ST/1649/2012, VIDE ANNEXURE-A, PRAYING
TO DECIDE THE QUESTIONS OF LAW AS MENTIONED THEREIN AND ETC.
IN C.E.A No. 18/2021
BETWEEN :
M/S INDIA ADVANTAGE FUND IV
C/O ICICI VENTURE FUNDS
MANAGEMENT CO. LTD.
10TH FLOOR, PRESTIGE OBELISK
NO.3, KASTURBA ROAD
BANGALORE-560 001.
CURRENT ADDRESS
3RD FLOOR, PRESTIGE TAKT
KASTURBA ROAD CROSS
BANGALORE
KARNATAKA-560 001
C.E.A No.20/2021
and Connected matters
3
REPRESENTED BY ITS
CHIEF FINANCIAL OFFICER
Ms. BEENA MUKESH CHOTAI ... APPELLANT
(BY SHRI. G. SHIVADASS, SENIOR ADVOCATE FOR
SHRI. G.L. MOHAN MAIYA, ADVOCATE)
AND :
THE COMMISSIONER OF CENTRAL TAX
BANGALORE NORTH COMMISSIONERATE
NO.59, HMT BHAWAN
GROUND FLOOR, BELLARY ROAD
BANGALORE
KARNATAKA-560 032. ... RESPONDENT
(BY SHRI. JEEVAN J. NEERALGI, AGA)
THIS CEA IS FILED UNDER SEC.35G OF THE CENTRAL EXCISE
ACT, 1944 R/W SECTION 83 OF THE FINANCE ACT, 1994, ARISING OUT
OF ORDER DATED: 01/07/2021 PASSED IN FINAL ORDER NO.
20375/2021 (PASSED IN COMMON ORDER NO.20372-20402/2021) BY
THE CESTAT IN APPEAL NO. ST/1643/2012, VIDE ANNEXURE-A, PRAYING
TO DECIDE THE QUESTIONS OF LAW AS MENTIONED THEREIN AND ETC.
IN C.E.A No. 19/2021
BETWEEN :
M/S INDIA ADVANTAGE FUND V
C/O ICICI VENTURE FUNDS
MANAGEMENT CO. LTD.
10TH FLOOR, PRESTIGE OBELISK
NO.3, KASTURBA ROAD
BANGALORE-560 001.
CURRENT ADDRESS
3RD FLOOR, PRESTIGE TAKT
KASTURBA ROAD CROSS
BANGALORE, KARNATAKA-560 001
REPRESENTED BY ITS
C.E.A No.20/2021
and Connected matters
4
CHIEF FINANCIAL OFFICER
Ms. BEENA MUKESH CHOTAI ... APPELLANT
(BY SHRI. G. SHIVADASS, SENIOR ADVOCATE FOR
SHRI. G.L. MOHAN MAIYA, ADVOCATE)
AND :
THE COMMISSIONER OF CENTRAL TAX
BANGALORE NORTH COMMISSIONERATE
NO.59, HMT BHAWAN
GROUND FLOOR, BELLARY ROAD
BANGALORE
KARNATAKA-560 032. ... RESPONDENT
(BY SHRI. JEEVAN J. NEERALGI, AGA)
THIS CEA IS FILED UNDER SEC.35G OF THE CENTRAL EXCISE
ACT, 1944 R/W SECTION 83 OF THE FINANCE ACT, 1994, ARISING OUT
OF ORDER DATED: 01/07/2021 PASSED IN FINAL ORDER NO.
20386/2021 (PASSED IN COMMON ORDER NO.20372-20402/2021) BY
THE CESTAT IN APPEAL NO. ST/1654/2012, VIDE ANNEXURE-A, PRAYING
TO DECIDE THE QUESTIONS OF LAW AS MENTIONED THEREIN AND ETC.
IN C.E.A No. 21/2021
BETWEEN :
M/S INDIA ADVANTAGE FUND I
C/O ICICI VENTURE FUNDS
MANAGEMENT CO. LTD.
10TH FLOOR, PRESTIGE OBELISK
NO.3, KASTURBA ROAD
BANGALORE-560 001.
CURRENT ADDRESS
3RD FLOOR, PRESTIGE TAKT
KASTURBA ROAD CROSS
BANGALORE
KARNATAKA-560 001
REPRESENTED BY ITS
C.E.A No.20/2021
and Connected matters
5
CHIEF FINANCIAL OFFICER
Ms. BEENA MUKESH CHOTAI ... APPELLANT
(BY SHRI. G. SHIVADASS, SENIOR ADVOCATE FOR
SHRI. G.L. MOHAN MAIYA, ADVOCATE)
AND :
THE COMMISSIONER OF CENTRAL TAX
BANGALORE NORTH COMMISSIONERATE
NO.59, HMT BHAWAN
GROUND FLOOR, BELLARY ROAD
BANGALORE
KARNATAKA-560 032. ... RESPONDENT
(BY SHRI. JEEVAN J. NEERALGI, AGA)
THIS CEA IS FILED UNDER SEC.35G OF THE CENTRAL EXCISE
ACT, 1944 R/W SECTION 83 OF THE FINANCE ACT, 1994, ARISING OUT
OF ORDER DATED: 01/07/2021 PASSED IN FINAL ORDER NO.
20376/2021 (PASSED IN COMMON ORDER NO.20372-20402/2021) BY
THE CESTAT IN APPEAL NO. ST/1644/2012, VIDE ANNEXURE-A, PRAYING
TO DECIDE THE QUESTIONS OF LAW AS MENTIONED THEREIN AND ETC.
IN C.E.A No. 22/2021
BETWEEN :
M/S INDIA ADVANTAGE FUND III
C/O ICICI VENTURE FUNDS
MANAGEMENT CO. LTD.
10TH FLOOR, PRESTIGE OBELISK
NO.3, KASTURBA ROAD
BANGALORE-560 001.
CURRENT ADDRESS
3RD FLOOR, PRESTIGE TAKT
KASTURBA ROAD CROSS
BANGALORE, KARNATAKA-560 001
REPRESENTED BY ITS
C.E.A No.20/2021
and Connected matters
6
CHIEF FINANCIAL OFFICER
Ms. BEENA MUKESH CHOTAI ... APPELLANT
(BY SHRI. G. SHIVADASS, SENIOR ADVOCATE FOR
SHRI. G.L. MOHAN MAIYA, ADVOCATE)
AND :
THE COMMISSIONER OF CENTRAL TAX
BANGALORE NORTH COMMISSIONERATE
NO.59, HMT BHAWAN
GROUND FLOOR, BELLARY ROAD
BANGALORE-560 032. ... RESPONDENT
(BY SHRI. JEEVAN J. NEERALGI, AGA)
THIS CEA IS FILED UNDER SEC.35G OF THE CENTRAL EXCISE
ACT, 1944 R/W SECTION 83 OF THE FINANCE ACT, 1994, ARISING OUT
OF ORDER DATED: 01/07/2021 PASSED IN FINAL ORDER NO.
20373/2021 (PASSED IN COMMON ORDER NO.20372-20402/2021) BY
THE CESTAT IN APPEAL NO. ST/1641/2012, VIDE ANNEXURE-A, PRAYING
TO DECIDE THE QUESTIONS OF LAW AS MENTIONED THEREIN AND ETC.
IN C.E.A NO. 23 OF 2021
BETWEEN :
M/S INDIA ADVANTAGE FUND IV
C/O ICICI VENTURE FUNDS
MANAGEMENT CO. LTD.
10TH FLOOR, PRESTIGE OBELISK
NO.3, KASTURBA ROAD
BANGALORE- 560 001.
CURRENT ADDRESS
3RD FLOOR, PRESTIGE TAKT
KASTURBA ROAD CROSS
BANGALORE
KARNATAKA-560 001.
REPRESENTED BY ITS
CHIEF FINANCIAL OFFICER
Ms. BEENA MUKESH CHOTAI ... APPELLANT
(BY SHRI. G. SHIVADASS, SENIOR ADVOCATE FOR
SHRI. G.L. MOHAN MAIYA, ADVOCATE)
C.E.A No.20/2021
and Connected matters
7
AND :
THE COMMISSIONER OF CENTRAL TAX
BANGALORE NORTH COMMISSIONERATE
NO.59, HMT BHAWAN
GROUND FLOOR, BELLARY ROAD
BANGALORE
KARNATAKA-560 032. .. RESPONDENT
(BY SHRI. JEEVAN J. NEERALGI, AGA)
THIS CEA IS FILED UNDER SEC.35G OF THE CENTRAL EXCISE
ACT, 1944 R/W SECTION 83 OF THE FINANCE ACT, 1994, ARISING OUT
OF ORDER DATED 01.07.2021 PASSED IN FINAL ORDER NO. 20382/2021
(PASSED IN COMMON ORDER NO. 20372-20402/2021) BY THE CESTAT
IN APPEAL NO. ST/1650/2012, VIDE ANNEXURE-A PRAYING TO DECIDE
THE QUESTIONS OF LAW AS MENTIONED THEREIN AND ETC.
IN C.E.A NO. 24/2021
BETWEEN :
M/S INDIA ADVANTAGE FUND VII
C/O ICICI VENTURE FUNDS
MANAGEMENT CO. LTD.
10TH FLOOR, PRESTIGE OBELISK
NO.3, KASTURBA ROAD
BANGALORE- 560 001.
CURRENT ADDRESS
3RD FLOOR, PRESTIGE TAKT
KASTURBA ROAD CROSS
BANGALORE
KARNATAKA-560 001.
REPRESENTED BY ITS
CHIEF FINANCIAL OFFICER
Ms. BEENA MUKESH CHOTAI ... APPELLANT
(BY SHRI. G. SHIVADASS, SENIOR ADVOCATE FOR
SHRI. G.L. MOHAN MAIYA, ADVOCATE)
C.E.A No.20/2021
and Connected matters
8
AND :
THE COMMISSIONER OF CENTRAL TAX
BANGALORE NORTH COMMISSIONERATE
NO.59, HMT BHAWAN
GROUND FLOOR, BELLARY ROAD
BANGALORE
KARNATAKA -560 032. ... RESPONDENT
(BY SHRI. JEEVAN J. NEERALGI, AGA)
THIS CEA IS FILED UNDER SEC.35G OF THE CENTRAL EXCISE
ACT, 1944 R/W SECTION 83 OF THE FINANCE ACT, 1994, ARISING OUT
OF ORDER DATED 01.07.2021 PASSED IN FINAL ORDER NO.20380/2021
(PASSED IN COMMON ORDER NO.20372-20402/2021) BY THE CESTAT IN
APPEAL NO. ST/1648/2012, VIDE ANNEXURE-A PRAYING TO DECIDE THE
QUESTIONS OF LAW AS MENTIONED THEREIN AND ETC.
IN C.E.A NO. 25/2021
BETWEEN :
M/S INDIA ADVANTAGE FUND V
C/O ICICI VENTURE FUNDS
MANAGEMENT CO. LTD.
10TH FLOOR, PRESTIGE OBELISK
NO.3, KASTURBA ROAD
BANGALORE-560 001.
CURRENT ADDRESS
3RD FLOOR, PRESTIGE TAKT
KASTURBA ROAD CROSS
BANGALORE
KARNATAKA-560 001.
REPRESENTED BY ITS
CHIEF FINANCIAL OFFICER
Ms. BEENA MUKESH CHOTAI ... APPELLANT
(BY SHRI. G. SHIVADASS, SENIOR ADVOCATE FOR
SHRI. G.L. MOHAN MAIYA, ADVOCATE)
C.E.A No.20/2021
and Connected matters
9
AND :
THE COMMISSIONER OF CENTRAL TAX
BANGALORE NORTH COMMISSIONERATE
NO.59, HMT BHAWAN
GROUND FLOOR, BELLARY ROAD
BANGALORE
KARNATAKA-560 032. ... RESPONDENT
(BY SHRI. JEEVAN J. NEERALGI, AGA)
THIS CEA IS FILED UNDER SEC.35G OF THE CENTRAL EXCISE
ACT, 1944 R/W SECTION 83 OF THE FINANCE ACT, 1994, ARISING OUT
OF ORDER DATED 01.07.2021 PASSED IN FINAL ORDER NO. 20393/2021
(PASSED IN COMMON ORDER NO.20372-20402/2021) BY THE CESTAT IN
APPEAL NO. ST/21671/2014, VIDE ANNEXURE-A PRAYING TO DECIDE
THE QUESTIONS OF LAW AS MENTIONED THEREIN AND ETC.
IN C.E.A NO. 26/2021
BETWEEN :
M/S INDIA ADVANTAGE FUND VI
C/O ICICI VENTURE FUNDS
MANAGEMENT CO. LTD.
10TH FLOOR, PRESTIGE OBELISK
NO.3, KASTURBA ROAD
BANGALORE-560 001.
CURRENT ADDRESS
3RD FLOOR, PRESTIGE TAKT
KASTURBA ROAD CROSS
BANGALORE
KARNATAKA-560 001.
REPRESENTED BY ITS
CHIEF FINANCIAL OFFICER
Ms. BEENA MUKESH CHOTAI ... APPELLANT
(BY SHRI. G. SHIVADASS, SENIOR ADVOCATE FOR
SHRI. G.L. MOHAN MAIYA, ADVOCATE)
C.E.A No.20/2021
and Connected matters
10
AND :
THE COMMISSIONER OF CENTRAL TAX
BANGALORE NORTH COMMISSIONERATE
NO.59, HMT BHAWAN
GROUND FLOOR, BELLARY ROAD
BANGALORE
KARNATAKA-560 032. ... RESPONDENT
(BY SHRI. JEEVAN J. NEERALGI, AGA)
THIS CEA IS FILED UNDER SEC.35G OF THE CENTRAL EXCISE
ACT, 1944 R/W SECTION 83 OF THE FINANCE ACT, 1994, ARISING OUT
OF ORDER DATED 01.07.2021 PASSED IN FINAL ORDER NO.20385/2021
(PASSED IN COMMON ORDER NO. 20372-20402/2021) BY THE CESTAT
IN APPEAL NO. ST/1653/2012, VIDE ANNEXURE-A, PRAYING TO DECIDE
THE QUESTIONS OF LAW AS MENTIONED THEREIN AND ETC.
IN C.E.A NO. 27/2021
BETWEEN :
M/S INDIA ADVANTAGE FUND III
C/O ICICI VENTURE FUNDS
MANAGEMENT CO. LTD.
10TH FLOOR, PRESTIGE OBELISK
NO.3, KASTURBA ROAD
BANGALORE- 560 001.
CURRENT ADDRESS
3RD FLOOR, PRESTIGE TAKT
KASTURBA ROAD CROSS
BANGALORE
KARNATAKA-560 001.
REPRESENTED BY ITS
CHIEF FINANCIAL OFFICER
Ms. BEENA MUKESH CHOTAI ... APPELLANT
(BY SHRI. G. SHIVADASS, SENIOR ADVOCATE FOR
SHRI. G.L. MOHAN MAIYA, ADVOCATE)
C.E.A No.20/2021
and Connected matters
11
AND :
THE COMMISSIONER OF CENTRAL TAX
BANGALORE NORTH COMMISSIONERATE
NO.59, HMT BHAWAN
GROUND FLOOR, BELLARY ROAD
BANGALORE
KARNATAKA-560 032. ... RESPONDENT
(BY SHRI. JEEVAN J. NEERALGI, AGA)
THIS CEA IS FILED UNDER SEC.35G OF THE CENTRAL EXCISE
ACT, 1944 R/W SECTION 83 OF THE FINANCE ACT, 1994, ARISING OUT
OF ORDER DATED 01.07.2021 PASSED IN FINAL ORDER NO. 20395/2021
(PASSED IN COMMON ORDER NO. 20372-20402/2021) BY THE CESTAT
IN APPEAL NO. ST/22133/2014, VIDE ANNEXURE-A, PRAYING TO DECIDE
THE QUESTIONS OF LAW AS MENTIONED THEREIN AND ETC.
IN C.E.A NO. 28/2021
BETWEEN :
M/S INDIA ADVANTAGE FUND IV
C/O ICICI VENTURE FUNDS
MANAGEMENT CO. LTD.
10TH FLOOR, PRESTIGE OBELISK
NO.3, KASTURBA ROAD
BANGALORE- 560 001.
CURRENT ADDRESS
3RD FLOOR, PRESTIGE TAKT
KASTURBA ROAD CROSS
BANGALORE
KARNATAKA-560 001.
REPRESENTED BY ITS
CHIEF FINANCIAL OFFICER
Ms. BEENA MUKESH CHOTAI ... APPELLANT
(BY SHRI. G. SHIVADASS, SENIOR ADVOCATE FOR
SHRI. G.L. MOHAN MAIYA, ADVOCATE)
C.E.A No.20/2021
and Connected matters
12
AND :
THE COMMISSIONER OF CENTRAL TAX
BANGALORE NORTH COMMISSIONERATE
NO.59, HMT BHAWAN
GROUND FLOOR, BELLARY ROAD
BANGALORE
KARNATAKA-560 032. ... RESPONDENT
(BY SHRI. JEEVAN J. NEERALGI, AGA)
THIS CEA IS FILED UNDER SEC.35G OF THE CENTRAL EXCISE
ACT, 1944 R/W SECTION 83 OF THE FINANCE ACT, 1994, ARISING OUT
OF ORDER DATED 01.07.2021 PASSED IN FINAL ORDER NO.20396/2021
(PASSED IN COMMON ORDER NO.20372-20402/2021) BY THE CESTAT IN
APPEAL NO. ST/22335/2021, VIDE ANNEXURE-A PRAYING TO DECIDE
THE QUESTIONS OF LAW AS MENTIONED THEREIN AND ETC.
IN C.E.A NO. 29/2021
BETWEEN :
M/S INDIA ADVANTAGE FUND V
C/O ICICI VENTURE FUNDS
MANAGEMENT CO. LTD.
10TH FLOOR, PRESTIGE OBELISK
NO.3, KASTURBA ROAD
BANGALORE- 560 001.
CURRENT ADDRESS
3RD FLOOR, PRESTIGE TAKT
KASTURBA ROAD CROSS
BANGALORE
KARNATAKA-560 001.
REPRESENTED BY ITS
CHIEF FINANCIAL OFFICER
Ms. BEENA MUKESH CHOTAI ... APPELLANT
(BY SHRI. G. SHIVADASS, SENIOR ADVOCATE FOR
SHRI. G.L. MOHAN MAIYA, ADVOCATE)
C.E.A No.20/2021
and Connected matters
13
AND :
THE COMMISSIONER OF CENTRAL TAX
BANGALORE NORTH COMMISSIONERATE
NO.59, HMT BHAWAN
GROUND FLOOR, BELLARY ROAD
BANGALORE
KARNATAKA-560 032. ... RESPONDENT
(BY SHRI. JEEVAN J. NEERALGI, AGA)
THIS CEA IS FILED UNDER SEC.35G OF THE CENTRAL EXCISE
ACT, 1944 R/W SECTION 83 OF THE FINANCE ACT, 1994, ARISING OUT
OF ORDER DATED 01.07.2021 PASSED IN FINAL ORDER NO. 20384/2021
(PASSED IN COMMON ORDER NO. 20372-20402/2021) BY THE CESTAT
IN APPEAL NO. ST/1652/2012, VIDE ANNEXURE-A PRAYING TO DECIDE
THE QUESTIONS OF LAW AS MENTIONED THEREIN AND ETC.
IN C.E.A No. 30/2021
BETWEEN :
M/S INDIA ADVANTAGE FUND II
C/O ICICI VENTURE FUNDS
MANAGEMENT CO. LTD.
10TH FLOOR, PRESTIGE OBELISK
NO.3, KASTURBA ROAD
BANGALORE-560 001.
CURRENT ADDRESS
3RD FLOOR, PRESTIGE TAKT
KASTURBA ROAD CROSS
BANGALORE, KARNATAKA-560 001
REPRESENTED BY ITS
CHIEF FINANCIAL OFFICER
Ms. BEENA MUKESH CHOTAI ... APPELLANT
(BY SHRI. G. SHIVADASS, SENIOR ADVOCATE FOR
SHRI. G.L. MOHAN MAIYA, ADVOCATE)
C.E.A No.20/2021
and Connected matters
14
AND :
THE COMMISSIONER OF CENTRAL TAX
BANGALORE NORTH COMMISSIONERATE
NO.59, HMT BHAWAN
GROUND FLOOR, BELLARY ROAD
BANGALORE
KARNATAKA-560 032. ... RESPONDENT
(BY SHRI. JEEVAN J. NEERALGI, AGA)
THIS CEA IS FILED UNDER SEC.35G OF THE CENTRAL EXCISE
ACT, 1944 R/W SECTION 83 OF THE FINANCE ACT, 1994, ARISING OUT
OF ORDER DATED: 01/07/2021 PASSED IN FINAL ORDER NO.
20383/2021 (PASSED IN COMMON ORDER NO.20372-20402/2021) BY
THE CESTAT IN APPEAL NO. ST/1651/2012, VIDE ANNEXURE-A, PRAYING
TO DECIDE THE QUESTIONS OF LAW AS MENTIONED THEREIN AND ETC.
IN C.E.A No. 31/2021
BETWEEN :
M/S ICICI ECONET INTERNET
AND TECHNOLOGY FUND
C/O ICICI VENTURE FUNDS
MANAGEMENT CO. LTD.
10TH FLOOR, PRESTIGE OBELISK
NO.3, KASTURBA ROAD
BANGALORE
KARNATAKA-560 001.
CURRENT ADDRESS
3RD FLOOR, PRESTIGE TAKT
KASTURBA ROAD CROSS
BANGALORE, KARNATAKA-560 001
REPRESENTED BY ITS
CHIEF FINANCIAL OFFICER
Ms. BEENA MUKESH CHOTAI ... APPELLANT
(BY SHRI. G. SHIVADASS, SENIOR ADVOCATE FOR
SHRI. G.L. MOHAN MAIYA, ADVOCATE)
C.E.A No.20/2021
and Connected matters
15
AND :
THE COMMISSIONER OF CENTRAL TAX
BANGALORE NORTH COMMISSIONERATE
NO.59, HMT BHAWAN
GROUND FLOOR, BELLARY ROAD
BANGALORE
KARNATAKA-560 032. ... RESPONDENT
(BY SHRI. JEEVAN J. NEERALGI, AGA)
THIS CEA IS FILED UNDER SEC.35G OF THE CENTRAL EXCISE
ACT, 1944 R/W SECTION 83 OF THE FINANCE ACT, 1994, ARISING OUT
OF ORDER DATED: 01/07/2021 PASSED IN FINAL ORDER NO.
20401/2021 (PASSED IN COMMON ORDER NO.20372-20402/2021) BY
THE CESTAT IN APPEAL NO. ST/22700/2014, VIDE ANNEXURE-A,
PRAYING TO DECIDE THE QUESTIONS OF LAW AS MENTIONED THEREIN
AND ETC.
IN C.E.A No. 32/2021
BETWEEN :
M/S INDIA ADVANTAGE FUND I
C/O ICICI VENTURES FUND
MANAGEMENT CO. LTD.
10TH FLOOR, PRESTIGE OBELISK
NO.3, KASTURBA ROAD
BANGALORE
KARNATAKA-560 001.
CURRENT ADDRESS
3RD FLOOR, PRESTIGE TAKT
KASTURBA ROAD CROSS
BANGALORE, KARNATAKA-560 001
REPRESENTED BY ITS
CHIEF FINANCIAL OFFICER
Ms. BEENA MUKESH CHOTAI ... APPELLANT
(BY SHRI. G. SHIVADASS, SENIOR ADVOCATE FOR
SHRI. G.L. MOHAN MAIYA, ADVOCATE)
C.E.A No.20/2021
and Connected matters
16
AND :
THE COMMISSIONER OF CENTRAL TAX
BANGALORE NORTH COMMISSIONERATE
NO.59, HMT BHAWAN
GROUND FLOOR, BELLARY ROAD
BANGALORE
KARNATAKA-560 032. ... RESPONDENT
(BY SHRI. JEEVAN J. NEERALGI, AGA)
THIS CEA IS FILED UNDER SEC.35G OF THE CENTRAL EXCISE
ACT, 1944 R/W SECTION 83 OF THE FINANCE ACT, 1994, ARISING OUT
OF ORDER DATED: 01/07/2021 PASSED IN FINAL ORDER NO.
20397/2021 (PASSED IN COMMON ORDER NO.20372-20402/2021) BY
THE CESTAT IN APPEAL NO. ST/22361/2014, VIDE ANNEXURE-A,
PRAYING TO DECIDE THE QUESTIONS OF LAW AS MENTIONED THEREIN
AND ETC.
IN C.E.A No. 33/2021
BETWEEN :
ICICI EQUITY FUND
C/O ICICI VENTURE FUNDS
MANAGEMENT CO. LTD.
10TH FLOOR, PRESTIGE OBELISK
NO.3, KASTURBA ROAD
BANGALORE-560 001.
CURRENT ADDRESS
3RD FLOOR, PRESTIGE TAKT
KASTURBA ROAD CROSS
BANGALORE, KARNATAKA-560 001
REPRESENTED BY ITS
CHIEF FINANCIAL OFFICER
Ms. BEENA MUKESH CHOTAI ... APPELLANT
(BY SHRI. G. SHIVADASS, SENIOR ADVOCATE FOR
SHRI. G.L. MOHAN MAIYA, ADVOCATE)
C.E.A No.20/2021
and Connected matters
17
AND :
COMMISSIONER OF CENTRAL TAX
BANGALORE NORTH COMMISSIONERATE
NO.59, HMT BHAWAN
GROUND FLOOR, BELLARY ROAD
BANGALORE
KARNATAKA-560 032. ... RESPONDENT
(BY SHRI. JEEVAN J. NEERALGI, AGA)
THIS CEA IS FILED UNDER SEC.35G OF THE CENTRAL EXCISE
ACT, 1944 R/W SECTION 83 OF THE FINANCE ACT, 1994, ARISING OUT
OF ORDER DATED: 01/07/2021 PASSED IN FINAL ORDER NO.
20391/2021 (PASSED IN COMMON ORDER NO.20372-20402/2021) BY
THE CESTAT IN APPEAL NO. ST/25135/2013, VIDE ANNEXURE-A,
PRAYING TO DECIDE THE QUESTIONS OF LAW AS MENTIONED THEREIN
AND ETC.
IN C.E.A No. 34/2021
BETWEEN :
ICICI STRATEGIC INVESTMENTS FUND
C/O ICICI VENTURE FUNDS
MANAGEMENT CO. LTD.
10TH FLOOR, PRESTIGE OBELISK
NO.3, KASTURBA ROAD
BANGALORE
KARNATAKA-560 001.
CURRENT ADDRESS
3RD FLOOR, PRESTIGE TAKT
KASTURBA ROAD CROSS
BANGALORE, KARNATAKA-560 001
REPRESENTED BY ITS
CHIEF FINANCIAL OFFICER
Ms. BEENA MUKESH CHOTAI ... APPELLANT
(BY SHRI. G. SHIVADASS, SENIOR ADVOCATE FOR
SHRI. G.L. MOHAN MAIYA, ADVOCATE)
C.E.A No.20/2021
and Connected matters
18
AND :
COMMISSIONER OF CENTRAL TAX
BANGALORE NORTH COMMISSIONERATE
NO.59, HMT BHAWAN
GROUND FLOOR, BELLARY ROAD
BANGALORE
KARNATAKA-560 032. ... RESPONDENT
(BY SHRI. JEEVAN J. NEERALGI, AGA)
THIS CEA IS FILED UNDER SEC.35G OF THE CENTRAL EXCISE
ACT, 1944 R/W SECTION 83 OF THE FINANCE ACT, 1994, ARISING OUT
OF ORDER DATED: 01/07/2021 PASSED IN FINAL ORDER NO.
20387/2021 (PASSED IN COMMON ORDER NO.20372-20402/2021) BY
THE CESTAT IN APPEAL NO. ST/1688/2012, VIDE ANNEXURE-A, PRAYING
TO DECIDE THE QUESTIONS OF LAW AS MENTIONED THEREIN AND ETC.
IN C.E.A No. 35/2021
BETWEEN :
M/S ICICI EMERGING SECTORS FUND
C/O ICICI VENTURE FUNDS
MANAGEMENT CO. LTD.
10TH FLOOR, PRESTIGE OBELISK
NO.3, KASTURBA ROAD
BANGALORE-560 001.
CURRENT ADDRESS
3RD FLOOR, PRESTIGE TAKT
KASTURBA ROAD CROSS
BANGALORE, KARNATAKA-560 001
REPRESENTED BY ITS
CHIEF FINANCIAL OFFICER
Ms. BEENA MUKESH CHOTAI ... APPELLANT
(BY SHRI. G. SHIVADASS, SENIOR ADVOCATE FOR
SHRI. G.L. MOHAN MAIYA, ADVOCATE)
C.E.A No.20/2021
and Connected matters
19
AND :
THE COMMISSIONER OF CENTRAL TAX
BANGALORE NORTH COMMISSIONERATE
NO.59, HMT BHAWAN
GROUND FLOOR, BELLARY ROAD
BANGALORE
KARNATAKA-560 032. ... RESPONDENT
(BY SHRI. JEEVAN J. NEERALGI, AGA)
THIS CEA IS FILED UNDER SEC.35G OF THE CENTRAL EXCISE
ACT, 1944 R/W SECTION 83 OF THE FINANCE ACT, 1994, ARISING OUT
OF ORDER DATED: 01/07/2021 PASSED IN FINAL ORDER NO.
20392/2021 (PASSED IN COMMON ORDER NO.20372-20402/2021) BY
THE CESTAT IN APPEAL NO. ST/25938/2013, VIDE ANNEXURE-A,
PRAYING TO DECIDE THE QUESTIONS OF LAW AS MENTIONED THEREIN
AND ETC.
IN C.E.A No. 36/2021
BETWEEN :
M/S ICICI ECONET INTERENT
AND TECHNOLOGY FUND
C/O ICICI VENTURES FUND
MANAGEMENT CO. LTD.
10TH FLOOR, PRESTIGE OBELISK
NO.3, KASTURBA ROAD
BANGALORE-560 001.
CURRENT ADDRESS
3RD FLOOR, PRESTIGE TAKT
KASTURBA ROAD CROSS
BANGALORE, KARNATAKA-560 001
REPRESENTED BY ITS
CHIEF FINANCIAL OFFICER
Ms. BEENA MUKESH CHOTAI ... APPELLANT
(BY SHRI. G. SHIVADASS, SENIOR ADVOCATE FOR
SHRI. G.L. MOHAN MAIYA, ADVOCATE)
C.E.A No.20/2021
and Connected matters
20
AND :
THE COMMISSIONER OF CENTRAL TAX
BANGALORE NORTH COMMISSIONERATE
NO.59, HMT BHAWAN
GROUND FLOOR, BELLARY ROAD
BANGALORE
KARNATAKA-560 032. ... RESPONDENT
(BY SHRI. JEEVAN J. NEERALGI, AGA)
THIS CEA IS FILED UNDER SEC.35G OF THE CENTRAL EXCISE
ACT, 1944 R/W SECTION 83 OF THE FINANCE ACT, 1994, ARISING OUT
OF ORDER DATED: 01/07/2021 PASSED IN FINAL ORDER NO.
20372/2021 (PASSED IN COMMON ORDER NO.20372-20402/2021) BY
THE CESTAT IN APPEAL NO. ST/2900/2012, VIDE ANNEXURE-A, PRAYING
TO DECIDE THE QUESTIONS OF LAW AS MENTIONED THEREIN AND ETC.
IN C.E.A No. 37/2021
BETWEEN :
M/S ICICI ECONET INTERENT
AND TECHNOLOGY FUND
C/O ICICI VENTURES FUND
MANAGEMENT CO. LTD.
10TH FLOOR, PRESTIGE OBELISK
NO.3, KASTURBA ROAD
BANGALORE-560 001.
CURRENT ADDRESS
3RD FLOOR, PRESTIGE TAKT
KASTURBA ROAD CROSS
BANGALORE, KARNATAKA-560 001
REPRESENTED BY ITS
CHIEF FINANCIAL OFFICER
Ms. BEENA MUKESH CHOTAI ... APPELLANT
(BY SHRI. G. SHIVADASS, SENIOR ADVOCATE FOR
SHRI. G.L. MOHAN MAIYA, ADVOCATE)
C.E.A No.20/2021
and Connected matters
21
AND :
THE COMMISSIONER OF CENTRAL TAX
BANGALORE NORTH COMMISSIONERATE
NO.59, HMT BHAWAN
GROUND FLOOR, BELLARY ROAD
BANGALORE
KARNATAKA-560 032. ... RESPONDENT
(BY SHRI. JEEVAN J. NEERALGI, AGA)
THIS CEA IS FILED UNDER SEC.35G OF THE CENTRAL EXCISE
ACT, 1944 R/W SECTION 83 OF THE FINANCE ACT, 1994, ARISING OUT
OF ORDER DATED: 01/07/2021 PASSED IN FINAL ORDER NO.
20390/2021 (PASSED IN COMMON ORDER NO.20372-20402/2021) BY
THE CESTAT IN APPEAL NO. ST/25134/2013, VIDE ANNEXURE-A,
PRAYING TO DECIDE THE QUESTIONS OF LAW AS MENTIONED THEREIN
AND ETC.
IN C.E.A No. 38/2021
BETWEEN :
M/S ICICI EMERGING SECTORS FUND
C/O ICICI VENTURE FUNDS
MANAGEMENT CO. LTD.
10TH FLOOR, PRESTIGE OBELISK
NO.3, KASTURBA ROAD
BANGALORE-560 001.
CURRENT ADDRESS
3RD FLOOR, PRESTIGE TAKT
KASTURBA ROAD CROSS
BANGALORE, KARNATAKA-560 001
REPRESENTED BY ITS
CHIEF FINANCIAL OFFICER
Ms. BEENA MUKESH CHOTAI ... APPELLANT
(BY SHRI. G. SHIVADASS, SENIOR ADVOCATE FOR
SHRI. G.L. MOHAN MAIYA, ADVOCATE)
C.E.A No.20/2021
and Connected matters
22
AND :
THE COMMISSIONER OF CENTRAL TAX
BANGALORE NORTH COMMISSIONERATE
NO.59, HMT BHAWAN
GROUND FLOOR, BELLARY ROAD
BANGALORE
KARNATAKA-560 032. ... RESPONDENT
(BY SHRI. JEEVAN J. NEERALGI, AGA)
THIS CEA IS FILED UNDER SEC.35G OF THE CENTRAL EXCISE
ACT, 1944 R/W SECTION 83 OF THE FINANCE ACT, 1994, ARISING OUT
OF ORDER DATED: 01/07/2021 PASSED IN FINAL ORDER NO.
20400/2021 (PASSED IN COMMON ORDER NO.20372-20402/2021) BY
THE CESTAT IN APPEAL NO. ST/22609/2014, VIDE ANNEXURE-A,
PRAYING TO DECIDE THE QUESTIONS OF LAW AS MENTIONED THEREIN
AND ETC.
IN C.E.A No. 39/2021
BETWEEN :
ICICI STRATEGIC INVESTMENTS FUND
C/O ICICI VENTURE FUNDS
MANAGEMENT CO. LTD.
10TH FLOOR, PRESTIGE OBELISK
NO.3, KASTURBA ROAD
BANGALORE-560 001.
CURRENT ADDRESS
3RD FLOOR, PRESTIGE TAKT
KASTURBA ROAD CROSS
BANGALORE, KARNATAKA-560 001
REPRESENTED BY ITS
CHIEF FINANCIAL OFFICER
Ms. BEENA MUKESH CHOTAI ... APPELLANT
(BY SHRI. G. SHIVADASS, SENIOR ADVOCATE FOR
SHRI. G.L. MOHAN MAIYA, ADVOCATE)
C.E.A No.20/2021
and Connected matters
23
AND :
THE COMMISSIONER OF CENTRAL TAX
BANGALORE NORTH COMMISSIONERATE
NO.59, HMT BHAWAN
GROUND FLOOR, BELLARY ROAD
BANGALORE
KARNATAKA-560 032. ... RESPONDENT
(BY SHRI. JEEVAN J. NEERALGI, AGA)
THIS CEA IS FILED UNDER SEC.35G OF THE CENTRAL EXCISE
ACT, 1944 R/W SECTION 83 OF THE FINANCE ACT, 1994, ARISING OUT
OF ORDER DATED: 01/07/2021 PASSED IN FINAL ORDER NO.
20399/2021 (PASSED IN COMMON ORDER NO.20372-20402/2021) BY
THE CESTAT IN APPEAL NO. ST/22544/2014, VIDE ANNEXURE-A,
PRAYING TO DECIDE THE QUESTIONS OF LAW AS MENTIONED THEREIN
AND ETC.
IN C.E.A No. 40/2021
BETWEEN :
M/S ICICI EMERGING SECTORS FUND
C/O ICICI VENTURE FUNDS
MANAGEMENT CO. LTD.
10TH FLOOR, PRESTIGE OBELISK
NO.3, KASTURBA ROAD
BANGALORE-560 001.
CURRENT ADDRESS
3RD FLOOR, PRESTIGE TAKT
KASTURBA ROAD CROSS
BANGALORE, KARNATAKA-560 001
REPRESENTED BY ITS
CHIEF FINANCIAL OFFICER
Ms. BEENA MUKESH CHOTAI ... APPELLANT
(BY SHRI. G. SHIVADASS, SENIOR ADVOCATE FOR
SHRI. G.L. MOHAN MAIYA, ADVOCATE)
C.E.A No.20/2021
and Connected matters
24
AND :
THE COMMISSIONER OF CENTRAL TAX
BANGALORE NORTH COMMISSIONERATE
NO.59, HMT BHAWAN
GROUND FLOOR, BELLARY ROAD
BANGALORE
KARNATAKA-560 032. ... RESPONDENT
(BY SHRI. JEEVAN J. NEERALGI, AGA)
THIS CEA IS FILED UNDER SEC.35G OF THE CENTRAL EXCISE
ACT, 1944 R/W SECTION 83 OF THE FINANCE ACT, 1994, ARISING OUT
OF ORDER DATED: 01/07/2021 PASSED IN FINAL ORDER NO.
20388/2021 (PASSED IN COMMON ORDER NO.20372-20402/2021) BY
THE CESTAT IN APPEAL NO. ST/2899/2012, VIDE ANNEXURE-A, PRAYING
TO DECIDE THE QUESTIONS OF LAW AS MENTIONED THEREIN AND ETC.
IN C.E.A NO. 41/2021
BETWEEN :
M/S INDIA ADVANTAGE FUND VII
C/O ICICI VENTURE FUNDS
MANAGEMENT CO. LTD.
10TH FLOOR, PRESTIGE OBELISK
NO.3, KASTURBA ROAD
BANGALORE- 560 001.
CURRENT ADDRESS
3RD FLOOR, PRESTIGE TAKT
KASTURBA ROAD CROSS
BANGALORE
KARNATAKA-560 001.
REPRESENTED BY ITS
CHIEF FINANCIAL OFFICER
Ms. BEENA MUKESH CHOTAI ... APPELLANT
(BY SHRI. G. SHIVADASS, SENIOR ADVOCATE FOR
SHRI. G.L. MOHAN MAIYA, ADVOCATE)
C.E.A No.20/2021
and Connected matters
25
AND :
THE COMMISSIONER OF CENTRAL TAX
BANGALORE NORTH COMMISSIONERATE
NO.59, HMT BHAWAN
GROUND FLOOR, BELLARY ROAD
BANGALORE
KARNATAKA-560 032. ... RESPONDENT
(BY SHRI. JEEVAN J. NEERALGI, AGA)
THIS CEA IS FILED UNDER SECTION 35G OF THE CENTRAL EXCISE
ACT, 1944 R/W SECTION 83 OF THE FINANCE ACT, 1994, ARISING OUT
OF ORDER DATED 01.07.2021 PASSED IN FINAL ORDER NO. 20377/2021
(PASSED IN COMMON ORDER NO. 20372-20402/2021) BY THE CESTAT
IN APPEAL NO. ST/1645/2012 VIDE ANNEXURE-A, PRAYING TO DECIDE
THE QUESTIONS OF LAW AS MENTIONED THEREIN AND ETC.
IN C.E.A NO. 42/2021
BETWEEN :
ICICI EQUITY FUND
C/O ICICI VENTURE FUNDS
MANAGEMENT CO. LTD.,
10TH FLOOR, PRESTIGE OBELISK
NO.3, KASTURBA ROAD
BANGALORE- 560 001.
CURRENT ADDRESS
3RD FLOOR, PRESTIGE TAKT
KASTURBA ROAD CROSS
BANGALORE
KARNATAKA-560 001.
REPRESENTED BY ITS
CHIEF FINANCIAL OFFICER
MS. BEENA MUKESH CHOTAI ... APPELLANT
(BY SHRI. G. SHIVADASS, SENIOR ADVOCATE FOR
SHRI. G.L. MOHAN MAIYA, ADVOCATE)
C.E.A No.20/2021
and Connected matters
26
AND :
COMMISSIONER OF CENTRAL TAX
BANGALORE NORTH COMMISSIONERATE
NO.59, HMT BHAWAN
GROUND FLOOR, BELLARY ROAD
BANGALORE
KARNATAKA-560 032. ... RESPONDENT
(BY SHRI. JEEVAN J. NEERALGI, AGA)
THIS CEA IS FILED UNDER SEC.35G OF THE CENTRAL EXCISE
ACT, 1944 R/W SECTION 83 OF THE FINANCE ACT, 1994, ARISING OUT
OF ORDER DATED 01.07.2021 PASSED IN FINAL ORDER NO.20402/2021
(PASSED IN COMMON ORDER NO.20372-20402/2021) BY THE CESTAT IN
APPEAL NO. ST/22701/2014, VIDE ANNEXURE-A, PRAYING TO DECIDE
THE QUESTIONS OF LAW AS MENTIONED THEREIN AND ETC.
IN C.E.A NO. 43/2021
BETWEEN :
M/S INDIA ADVANTAGE FUND VII
C/O ICICI VENTURE FUNDS
MANAGEMENT CO. LTD.
10TH FLOOR, PRESTIGE OBELISK
NO.3, KASTURBA ROAD
BANGALORE- 560 001.
CURRENT ADDRESS
3RD FLOOR, PRESTIGE TAKT
KASTURBA ROAD CROSS
BANGALORE
KARNATAKA-560 001.
REPRESENTED BY ITS
CHIEF FINANCIAL OFFICER
Ms. BEENA MUKESH CHOTAI ... APPELLANT
(BY SHRI. G. SHIVADASS, SENIOR ADVOCATE FOR
SHRI. G.L. MOHAN MAIYA, ADVOCATE)
C.E.A No.20/2021
and Connected matters
27
AND :
THE COMMISSIONER OF CENTRAL TAX
BANGALORE NORTH COMMISSIONERATE
NO.59, HMT BHAWAN
GROUND FLOOR, BELLARY ROAD
BANGALORE
KARNATAKA-560 032. ... RESPONDENT
(BY SHRI. JEEVAN J. NEERALGI, AGA)
THIS CEA IS FILED UNDER SEC.35G OF THE CENTRAL EXCISE
ACT, 1944 R/W SECTION 83 OF THE FINANCE ACT, 1994, ARISING OUT
OF ORDER DATED 01.07.2021 PASSED IN FINAL ORDER NO.20398/2021
(PASSED IN COMMON ORDER NO.20372-20402/2021) BY THE CESTAT IN
APPEAL NO. ST/22483/2014, VIDE ANNEXURE-A PRAYING TO DECIDE
THE QUESTIONS OF LAW AS MENTIONED THEREIN AND ETC.
IN C.E.A No. 44/2021
BETWEEN :
M/S INDIA ADVANTAGE FUND VI
C/O ICICI VENTURE FUNDS
MANAGEMENT CO. LTD.
10TH FLOOR, PRESTIGE OBELISK
NO.3, KASTURBA ROAD
BANGALORE-560 001.
CURRENT ADDRESS
3RD FLOOR, PRESTIGE TAKT
KASTURBA ROAD CROSS
BANGALORE, KARNATAKA-560 001.
REPRESENTED BY ITS
CHIEF FINANCIAL OFFICER
Ms. BEENA MUKESH CHOTAI ... APPELLANT
(BY SHRI. G. SHIVADASS, SENIOR ADVOCATE FOR
SHRI. G.L. MOHAN MAIYA, ADVOCATE)
AND :
THE COMMISSIONER OF CENTRAL TAX
BANGALORE NORTH COMMISSIONERATE
NO.59, HMT BHAWAN
C.E.A No.20/2021
and Connected matters
28
GROUND FLOOR, BELLARY ROAD
BANGALORE
KARNATAKA-560 032. ... RESPONDENT
(BY SHRI. JEEVAN J. NEERALGI, AGA)
THIS CEA IS FILED UNDER SEC.35G OF THE CENTRAL EXCISE
ACT, 1944 R/W SECTION 83 OF THE FINANCE ACT, 1994, ARISING OUT
OF ORDER DATED: 01/07/2021 PASSED IN FINAL ORDER NO.
20378/2021 (PASSED IN COMMON ORDER NO.20372-20402/2021) BY
THE CESTAT IN APPEAL NO. ST/1646/2012, VIDE ANNEXURE-A, PRAYING
TO DECIDE THE QUESTIONS OF LAW AS MENTIONED THEREIN AND ETC.
IN C.E.A NO. 45/2021
BETWEEN :
M/S INDIA ADVANTAGE FUND VI
C/O ICICI VENTURE FUNDS
MANAGEMENT CO. LTD.
10TH FLOOR, PRESTIGE OBELISK
NO.3, KASTURBA ROAD
BANGALORE-560 001.
CURRENT ADDRESS
3RD FLOOR, PRESTIGE TAKT
KASTURBA ROAD CROSS
BANGALORE
KARNATAKA-560 001.
REPRESENTED BY ITS
CHIEF FINANCIAL OFFICER
Ms. BEENA MUKESH CHOTAI ...APPELLANT
(BY SHRI. G. SHIVADASS, SENIOR ADVOCATE FOR
SHRI. G.L. MOHAN MAIYA, ADVOCATE)
AND :
THE COMMISSIONER OF CENTRAL TAX
BANGALORE NORTH COMMISSIONERATE
NO.59, HMT BHAWAN
GROUND FLOOR, BELLARY ROAD
C.E.A No.20/2021
and Connected matters
29
BANGALORE
KARNATAKA-560 032. ... RESPONDENT
(BY SHRI. JEEVAN J. NEERALGI, AGA)
THIS CEA IS FILED UNDER SEC.35G OF THE CENTRAL EXCISE
ACT, 1944 R/W SECTION 83 OF THE FINANCE ACT, 1994, ARISING OUT
OF ORDER DATED 01.07.2021 PASSED IN FINAL ORDER NO.20394/2021
(PASSED IN COMMON ORDER NO.20372-20402/2021) BY THE CESTAT IN
APPEAL NO.ST/22016/2014, VIDE ANNEXURE-A, PRAYING TO DECIDE
THE QUESTIONS OF LAW AS MENTIONED THEREIN AND ETC.
IN C.E.A NO. 46/2021
BETWEEN :
M/S INDIA ADVANTAGE FUND I
C/O ICICI VENTURES FUND
MANAGEMENT CO. LTD.
10TH FLOOR, PRESTIGE OBELISK
NO.3, KASTURBA ROAD
BANGALORE-560 001.
CURRENT ADDRESS
3RD FLOOR, PRESTIGE TAKT
KASTURBA ROAD CROSS
BANGALORE
KARNATAKA-560 001.
REPRESENTED BY ITS
CHIEF FINANCIAL OFFICER
Ms. BEENA MUKESH CHOTAI ...APPELLANT
(BY SHRI. G. SHIVADASS, SENIOR ADVOCATE FOR
SHRI. G.L. MOHAN MAIYA, ADVOCATE)
AND :
THE COMMISSIONER OF CENTRAL TAX
BANGALORE NORTH COMMISSIONERATE
NO.59, HMT BHAWAN
GROUND FLOOR
BELLARY ROAD
C.E.A No.20/2021
and Connected matters
30
BANGALORE
KARNATAKA-560 032. ...RESPONDENT
(BY SHRI. JEEVAN J. NEERALGI, AGA)
THIS CEA IS FILED UNDER SEC.35G OF THE CENTRAL EXCISE
ACT, 1944 R/W SECTION 83 OF THE FINANCE ACT, 1994, ARISING OUT
OF ORDER DATED 01.07.2021 PASSED IN FINAL ORDER NO. 20379/2021
(PASSED IN COMMON ORDER NO.20372-20402/2021) BY THE CESTAT IN
APPEAL NO. ST/1647/2012, VIDE ANNEXURE-A PRAYING TO DECIDE THE
QUESTIONS OF LAW AS MENTIONED THEREIN AND ETC.
IN C.E.A NO. 47/2021
BETWEEN :
ICICI EQUITY FUND
C/O ICICI VENTURE FUNDS
MANAGEMENT CO. LTD.
10TH FLOOR, PRESTIGE OBELISK
NO.3, KASTURBA ROAD
BANGALORE- 560 001.
CURRENT ADDRESS
3RD FLOOR, PRESTIGE TAKT
KASTURBA ROAD CROSS
BANGALORE, KARNATAKA-560 001.
REPRESENTED BY ITS
CHIEF FINANCIAL OFFICER
Ms. BEENA MUKESH CHOTAI ... APPELLANT
(BY SHRI. G. SHIVADASS, SENIOR ADVOCATE FOR
SHRI. G.L. MOHAN MAIYA, ADVOCATE)
AND :
THE COMMISSIONER OF CENTRAL TAX
BANGALORE NORTH COMMISSIONERATE
NO.59, HMT BHAWAN
GROUND FLOOR
BELLARY ROAD, BANGALORE
KARNATAKA-560 032. ... RESPONDENT
(BY SHRI. JEEVAN J. NEERALGI, AGA)
C.E.A No.20/2021
and Connected matters
31
THIS CEA IS FILED UNDER SEC.35G OF THE CENTRAL EXCISE
ACT, 1944 R/W SECTION 83 OF THE FINANCE ACT, 1994, ARISING OUT
OF ORDER DATED 01.07.2021 PASSED IN FINAL ORDER NO.20389/2021
(PASSED IN COMMON ORDER NO.20372-20402/2021) BY THE CESTAT IN
APPEAL NO. ST/2901/2012, VIDE ANNEXURE-A PRAYING TO DECIDE THE
QUESTIONS OF LAW AS MENTIONED THEREIN AND ETC.
IN C.E.A NO. 48/2021
BETWEEN :
M/S INDIA ADVANTAGE FUND II
C/O ICICI VENTURE FUNDS
MANAGEMENT CO. LTD.
10TH FLOOR, PRESTIGE OBELISK
NO.3, KASTURBA ROAD
BANGALORE- 560 001.
CURRENT ADDRESS
3RD FLOOR, PRESTIGE TAKT
KASTURBA ROAD CROSS
BANGALORE
KARNATAKA-560 001.
REPRESENTED BY ITS
CHIEF FINANCIAL OFFICER
Ms. BEENA MUKESH CHOTAI ... APPELLANT
(BY SHRI. G. SHIVADASS, SENIOR ADVOCATE FOR
SHRI. G.L. MOHAN MAIYA, ADVOCATE)
AND :
THE COMMISSIONER OF CENTRAL TAX
BANGALORE NORTH COMMISSIONERATE
NO.59, HMT BHAWAN
GROUND FLOOR, BELLARY ROAD
BANGALORE
KARNATAKA-560 032. ... RESPONDENT
(BY SHRI. JEEVAN J. NEERALGI, AGA)
C.E.A No.20/2021
and Connected matters
32
THIS CEA IS FILED UNDER SEC.35G OF THE CENTRAL EXCISE
ACT, 1944 R/W SECTION 83 OF THE FINANCE ACT, 1994, ARISING OUT
OF ORDER DATED 01.07.2021 PASSED IN FINAL ORDER NO.20374/2021
(PASSED IN COMMON ORDER NO.20372-20402/2021) BY THE CESTAT IN
APPEAL NO. ST/1642/2012 VIDE ANNEXURE-A PRAYING TO DECIDE THE
QUESTIONS OF LAW AS MENTIONED THEREIN AND ETC.
THESE CEAs, HAVING BEEN HEARD AND RESERVED FOR
JUDGMENT ON 01.12.2023 COMING ON FOR PRONOUNCEMENT OF
JUDGMENT, THIS DAY, CHIEF JUSTICE, PRONOUNCED THE
FOLLOWING:-
JUDGMENT
All these appeals involve common questions of law. Hence, they are disposed of by this common order.
2. Learned Advocate adverted to records in CEA No.30/2021 filed by the assessee, directed against order dated July 07, 2021 in Final Order No. 20372-20402/2021 passed by CESTAT1. Though this appeal has been admitted to consider 8 questions of law, at the time of hearing Shri. Shivadass, learned Senior Advocate submitted that following three questions only are relevant and has addressed arguments on those questions:
1. Whether the CESTAT has erred in holding the Appellant to be a juridical person?
1
Customs, Excise, Service Tax Appellate Tribunal C.E.A No.20/2021 and Connected matters 33
2. Whether the CESTAT has erred in holding that the Appellant cannot be treated as a "trust" and failed to recognize its pass-through status, for the purpose of taxation statues?
3. Whether the CESTAT has erred in ignoring that the moneys and funds contributed by the Contributors, being the property of the Appellant, the asset management service, if any rendered, is by the Appellant for its own self?"
3. Briefly stated the facts of the case are, Appellant/Assessee is a venture capital trust2. Institutional investors contribute money to the trust fund and the same is managed by an Investment Manager.
4. An investigation was conducted by Anti-Evasion Unit of the Jurisdictional Commissionerate against assessee. The investigating team took a view that assessee had retained certain portion of income distributable to the contributors which appeared to be service charge/fee for having managed the asset of the trust/fund on which service tax was required to be paid under the category of 2 Established under Indian Trust Act, 1882 C.E.A No.20/2021 and Connected matters 34 'banking and other financial services' as defined under Section 65 (105)(zm) of the Finance Act, 19943.
5. A show cause notice4 was issued to assessee proposing to demand service tax on 'expenses incurred by the assessee' and 'the amount paid to Class 'C' investors as return on investment'. Assessee submitted its reply contending inter alia that it was not liable to pay service tax because:
• assessee was not covered within the definition of a 'person' as defined under the Act; • assessee is not providing any service to the contributors; and • assessee is not receiving any consideration from the contributors.
6. The proposal of demand was confirmed by the Commissioner of Service Tax, Bangalore North vide OIO5 dated 27.02.2012. On appeal, the CESTAT has confirmed the demand. Hence, this Appeal.
3
'the Act' for short 4 dated March 25, 2011 5 Order-in-Original C.E.A No.20/2021 and Connected matters 35
7. Shri. Shivadass, learned Senior Advocate for the assessee, submitted that:
• assessee did not provide any service to the contributors;
• investment manager provides service of asset management to the contributors; • assessee acts as a 'pass through', wherein funds from contributors are consolidated and are invested by the investment manager; • expenses incurred by assessee are not liable to service tax as per notification dated May 15, 2007;
• service tax is levied on amount charged for taxable services and the same has been clarified vide circular issued by CBIC dated August 21, 2003;
• reimbursement received by assessee in the course of its operation of fund is in the capacity of an agent and the same is exempt from service C.E.A No.20/2021 and Connected matters 36 tax according to Section 5(2) of the Service Tax (Determination of Value) Rule, 2006; • assessee is not a 'person' under the Act, therefore is not liable to discharge service tax; • activity undertaken by assessee is covered under ambit of mutuality, therefore assessee and contributors cannot be dissected as two separate persons for levy of service tax.
8. In support of his submissions, Shri. Shivadass has relied upon following authorities:
i. Navin Chemicals and Mfg Co Ltd Vs. Collector of Customs6;
ii. Steel Authority of India Vs. Designated Steel Authority, Directorate General of Anti - Dumping and allied duties7;
iii. Commissioner of Central Excise, Customs and Service Tax-III Vs. Shriram Chits Private Ltd8;
iv. Commissioner of Service Tax Vs. Bhayana Builders9;6
(1993) 4 SCC 320 7 2017 (349) ELT 193 (S.C) 8 (2023) 3 Centax 12 (S.C) C.E.A No.20/2021 and Connected matters 37 v. Union of India Vs. Intercontinental Consultants and Technocrats Private Limited10;
vi. Prathibha Pratishtan Vs. Canara Bank11; vii. State of West Bengal Vs. Calcutta Club Limited12.
9. Opposing the appeal, Shri. Neeralgi, for the Revenue submitted that:
• the instant appeal is not maintainable as the issue involves rate of duty and as per Section 35L of the CE Act, appeal shall lie before Supreme Court for determination of any question with regard to the rate of duty;
• the fund accepts money from investors and makes profit by re-investing and distributes the profits to investors; and retains some portion of the same to its benefit;
9 2018 (10) G.S.T.L 118 (S.C) 10 2018 (10) G.S.T.L 401 (S.C) 11 (2017) 3 SCC 712 12 2019 (29) GSTL 545 (S.C) C.E.A No.20/2021 and Connected matters 38 • assessee's funds are registered under VCF13 regulations issued under Securities and Exchange Board of India Act, 199214 and accordingly assessee is a separate legal entity;
• assessee has a bank account, obtains necessary approvals, deducts TDS15 and has registration from SEBI, which only a 'person' can qualify; • Doctrine of mutuality does not apply to the instant case, since definitions in the contribution agreements indicate a relationship between a buyer and a seller as the phrase term used is 'purchase of units';
• various articles of IOT16 of the fund are contrary to the principle of mutuality.
10. In support of above contentions, Shri. Neeralgi has placed reliance on following authorities: 13
Venture Capital Fund 14 'the SEBI Act' for short 15 Tax Deduction at Source 16 Indenture of Trust C.E.A No.20/2021 and Connected matters 39 i. Commissioner of Central Excise vs. Tirupathi LPG Industries Ltd17;
ii. Premier Irrigation Equipment Ltd vs. UOI18; iii. Principal Commissioner of Central Excise and ST vs. Raja Dyeing19;
iv. Paramount Biotech Industries vs. UOI20; v. M/s Abraham Memorial Education Trust vs. C. Suresh Babu21.
11. We have carefully considered rival contentions and perused the records.
12. At the outset, revenue has raised an objection with regard to maintainability of this appeal contending inter alia that the assessee ought to have approached the Hon'ble Supreme Court under Section 35L of the CE Act. It is settled that except an appeal involving the rate of duty, all other appeals are maintainable before the High Court. (See: Commissioner of Central Excise, Hyderabad Vs. M/s 17 2017 (351) ELT 149 18 1998 (100)ELT(Kar) 19 2017 (5) G.S.T.L.231 (P&H) 20 (2014) 120 Compcas 18 All 21 Crl. O.P Nos 12630 &12661 of 2012 C.E.A No.20/2021 and Connected matters 40 Shriram Refrigeration Industries22). Revenue's specific case is that assessee is liable to pay the service tax. Assessee has denied the liability. In Shriram Refrigeration, it is held as follows:
"6. It is required to be noted that the question was whether respondents were liable to pay the Central Excise duty or not. The question is/was whether the respondents can be said to be manufacture of stators or not and therefore liable to pay central excise duty or not. The aforesaid dispute cannot be said to be dispute either related to rate of duty and/or valuation. Only in a case where the dispute is with respect to the rate of duty and/or valuation, the appeals will lie to this court. In any other cases where the dispute is with respect to the liability of the assessee to pay central excise duty the appeal shall be maintainable before the High Court under Section 35(G) of the Central Excise Act."
(Emphasis Supplied)
13. In this case, there is no dispute with regard to rate of duty in this case. The question is whether assessee is liable to pay the duty. Therefore, in our considered view, appeal is maintainable before this Court.
22
2022-VIL-76-SC-CE, para 6 C.E.A No.20/2021 and Connected matters 41 Re:Question No.(i)
14. It was argued by Shri. Shivadass that the Act does not recognize 'trust' as a person and assessee cannot be considered as a juridical person for the purpose of charging service tax. On the other hand, Shri.Neeralgi's contention is that the trust is registered under the SEBI Act and it is treated as a 'juridical person' under the said Act; and therefore, the trust is a juridical person and is liable to pay service tax.
15. The definition clauses of each statute must be read with the object and purpose of that statute only as intended by the legislature. Various statutes such as SEBI, GST, IBC recognize 'trust' as a person whereas the Finance Act does not. The issue involved in this case is liability to pay Service tax, therefore, the relevant statute is the Finance Act. Hence, the contention urged by Shri. Neeralgi is untenable.
16. The CESTAT has recorded in para 37.4 of the impugned order that, since the trust is treated as juridical C.E.A No.20/2021 and Connected matters 42 person under SEBI, there is no reason why it should not be treated as a juridical person for taxation. This view of the CESTAT is untenable because, for the purpose of levy of tax, the entity has to be recognized under the said Act.
17. Accordingly, we answer the first question as affirmative and in favour of the assessee. Re:Question No.(ii)
18. It was argued by Shri.Shivadass that assessee-trust was created by the settlor-ICICI Venture Funds Management. Assessee Trust collects funds from entity like LIC, SBI etc. Based on Investment Manager's advise the trusts invest in port folio companies. There are different classes of unit holders. Class 'A' and 'B' unit holders are over and above 100 Crores. Class 'C' Unit holder is an investment manager in itself.
C.E.A No.20/2021
and Connected matters 43
19. Shri.Shivadass gave a hypothetical example about the transaction details of the entire fund management as follows:
• investment mangers contribution is Rs. 1 Crore; • Capital from 'A', 'B' and 'C' Units is Rs. 100 Crores. Cumulatively, 100+1= 101 Crore; • if the total income of the fund for 10 years is Rs. 80 Crores;
• the gross fund available with the Trust would be 101+80=181 Crores;
• the operating expenses works out to about Rs.5 Crores;
• the net distributable fund would be 181-5=176 Crores;
• preferred rate of return payable to Class 'A' and 'B' contributor is 6% which works out to Rs. 60 Crores;
• return of capital to Class 'C' holder will be its contribution namely, Rs. 1 Crore; C.E.A No.20/2021
and Connected matters 44 • in the result, the total fund available for distribution works out to Rs.176-160-1= 15 Crores;
• the additional return on investment to Class 'A' and 'B' contributors would be 80% of Rs. 15 Crores= Rs. 12 Crores;
• the remaining balance of 20% of Rs. 15 Crores= Rs. 3 Crores shall go to Class 'C' contributor.
20. Thus the total amount remaining with the Trust will be nil.
21. In substance, Shri. Shivadass contended that the fund does not make any profit nor does it provide any service, therefore, imposition of Service tax is untenable. We find merit in this argument because, the assessee acts as a 'pass through', wherein funds from contributors are consolidated and invested by the investment manager. It acts as a trustee holding the money belonging to contributors to be invested as per the advice of the investment manager. C.E.A No.20/2021
and Connected matters 45
22. Accordingly, we answer the second question in the affirmative and in favour of the assessee. Re:Question No.(iii)
23. It is not in dispute that contributors are institutional investors. We may note that doctrine of mutuality applies when commonality is established between the contributors and participators. In the instant case, the contributors and the trust cannot be dissected as two different entities because, it is an admitted fact that contributors investment is held in trust by the fund and it is invested as per the advice of investment manager. In substance, fund does nor do an act. Hence, can be no service to self. Therefore the doctrine of mutuality must apply in the instant case.
24. Accordingly, we answer the third question as affirmative and in favour of the assessee. Hence the following:
C.E.A No.20/2021
and Connected matters 46 ORDER
(i) Appeals are allowed.
(ii) Order dated July 07, 2021 in Final Order No. 20372-20402/2021 passed by CESTAT23 is set-aside.
(iii) Questions of law are answered in favour of the assessee against the Revenue.
No Costs.
Sd/-
CHIEF JUSTICE Sd/-
JUDGE SPS 23 Customs, Excise, Service Tax Appellate Tribunal