Karnataka High Court
M/S India Advantage Fund Iii vs The 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?
Customs, Excise, Service Tax Appellate Tribunal
and Connected matters
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
Established under Indian Trust Act, 1882
and Connected matters
'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.
'the Act' for short
dated March 25, 2011
Order-in-Original
and Connected matters
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
and Connected matters
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;
(1993) 4 SCC 320
2017 (349) ELT 193 (S.C)
(2023) 3 Centax 12 (S.C)
and Connected matters
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;
2018 (10) G.S.T.L 118 (S.C)
2018 (10) G.S.T.L 401 (S.C)
(2017) 3 SCC 712
2019 (29) GSTL 545 (S.C)
and Connected matters
• 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:
Venture Capital Fund
'the SEBI Act' for short
Tax Deduction at Source
Indenture of Trust
and Connected matters
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
2017 (351) ELT 149
1998 (100)ELT(Kar)
2017 (5) G.S.T.L.231 (P&H)
(2014) 120 Compcas 18 All
Crl. O.P Nos 12630 &12661 of 2012
and Connected matters
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.
2022-VIL-76-SC-CE, para 6
and Connected matters
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
and Connected matters
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.
and Connected matters
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;
and Connected matters
• 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.
and Connected matters
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:
and Connected matters
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
Customs, Excise, Service Tax Appellate Tribunal
