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of <h1>Manufacturing Business Not Taxed as Financial Service Provider</h1> <h3>MADRAS VANASPATHI LTD. Versus COMMISSIONER OF C. EX. & S.T., PONDICHERRY</h3> The appeal was allowed as the appellant, engaged in manufacturing, was not considered a financial service provider despite the temporary machinery leasing ... Classification of services - Banking and other Financial Services or not - Held that:- Record reveals that the appellant was not a service provider but it was engaged in manufacture. Leasing its machinery was a solitary transaction and a temporary arrangement. Appellant was neither a banking company nor a financial institution nor engaged in providing financial services such as hire purchase, leasing finance, etc - the appellant not being a service provider of leasing as its principal activity, it was not a “Banking and other Financial Service” provider - appeal allowed - decided in favor of appellant. 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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