Manufacturing Business Not Taxed as Financial Service Provider

The appeal was allowed as the appellant, engaged in manufacturing, was not considered a financial service provider despite the temporary machinery leasing to a trader. The department's taxation under "Banking and other Financial Services" entry was deemed inappropriate.

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The manufacturing appellant leased out machinery temporarily to M/s. Raghavendra Traders. The Department taxed this under "Banking and other Financial Services" entry. However, the appellant was not a service provider but engaged in manufacturing. The leasing was a solitary and temporary arrangement. The appellant was not a financial service provider. The appeal was allowed.

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