The Ahmedabad Bench of the Customs, Excise and Service Tax Appellate Tribunal (CESTAT), held that Service Tax is not leviable on deposit from customers as security deposit to trading of shares. The issue involved in the present case is that whether the appellant, Marwadi Shares & Finance Ltd is liable to pay Service Tax on the deposit taken by the appellant from their customers as security deposit against towards trading of shares which is subsequently refunded without utilizing the same.
Source Taxscan
