https://www.taxtmi.com/caselaws?id=30102 The Tribunal rejected the Revenue's appeal against the demand for service tax on the lease of an extrusion machine, ruling that it did not constitute banking and financial services under the Finance Act, 1994. The Tribunal emphasized that financial leasing involves transferring ownership to the lessee by the end of the lease term, which was not the case here as ownership and control remained with the lessor. The decision was based on the specific terms of the lease agreement and previous Tribunal rulings, distinguishing it from cases where financial services were deemed applicable. en-us Thu, 24 Jul 2008 00:00:00 +0530 Sun, 20 Jan 2013 21:09:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=30102 The Tribunal rejected the Revenue's appeal against the demand for service tax on the lease of an extrusion machine, ruling that it did not constitute banking and financial services under the Finance Act, 1994. The Tribunal emphasized that financial leasing involves transferring ownership to the lessee by the end of the lease term, which was not the case here as ownership and control remained with the lessor. The decision was based on the specific terms of the lease agreement and previous Tribunal rulings, distinguishing it from cases where financial services were deemed applicable. Case-Laws Service Tax Thu, 24 Jul 2008 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=30102