2026-VIL-1224-CESTAT-MUM-ST
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SERVICE TAX CESTAT Cases

Service tax - Export of service - Refund of unutilized CENVAT credit on investment advisory services provided to overseas entity - Appellant provided investment advisory services including identifying investment opportunities, analyzing financial and economic intelligence, monitoring portfolio companies and providing advisory services to an overseas entity located outside India - Appellant availed CENVAT credit on input services and sought refund of unutilized credit under Rule 5 of CENVAT Credit Rules 2004 and Notification No. 5/2006; original authority sanctioned the refund but Commissioner (Appeals) rejected the refund claim, holding that services were provided in relation to Indian investment opportunities and their effective use and enjoyment was possible only in India - Whether investment advisory services provided to an overseas service recipient constitutes export of service – HELD - The services provided to an overseas entity on principal-to-principal basis, invoiced in foreign currency with no agreement for provision of services to Indian customers of the overseas entity, constitute export of service within the meaning of Rule 3(1)(iii) of Export of Service Rules 2005. The fact that analysis and research relates to Indian investment opportunities does not change the character of export when the service recipient is located outside India and has paid consideration in convertible foreign exchange. The location of the service recipient and the mode of payment of service charges are determinative of the export character of service rather than the subject matter of the service or the location of service delivery - The consistent Tribunal decisions establish that investment advisory services provided to overseas entities qualify as export of service – The appellant is entitled for refund of accumulated CENVAT credit. The impugned order is set aside and the appeal is allowed
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