https://www.taxtmi.com/caselaws?id=4399 The Appellate Tribunal CESTAT, CHENNAI ruled in favor of the appellants in a case concerning the demand of service tax and penalties for leasing out machinery under the category of "banking and financial services" for the period 2004-05. The Tribunal interpreted the term "body corporate" in the definition of "banking and financial services" under the Finance Act, applying the ejusdem generis principle. As the appellants did not fall under the interpretation of "body corporate" as a non-banking financial company, they were not liable for the service tax and penalties, leading to a waiver of predeposit and a stay of recovery for the amounts in question. en-us Tue, 12 Feb 2008 00:00:00 +0530 Wed, 02 Jul 2008 00:00:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=4399 The Appellate Tribunal CESTAT, CHENNAI ruled in favor of the appellants in a case concerning the demand of service tax and penalties for leasing out machinery under the category of "banking and financial services" for the period 2004-05. The Tribunal interpreted the term "body corporate" in the definition of "banking and financial services" under the Finance Act, applying the ejusdem generis principle. As the appellants did not fall under the interpretation of "body corporate" as a non-banking financial company, they were not liable for the service tax and penalties, leading to a waiver of predeposit and a stay of recovery for the amounts in question. Case-Laws Service Tax Tue, 12 Feb 2008 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=4399