https://www.taxtmi.com/caselaws?id=449981 CESTAT Chandigarh allowed the appeal against service tax demand on banking and financial services. The tribunal held that service tax on financial leasing services is applicable only from 16.08.2002, but demand was raised on pre-2002 agreements. Equipment rental services provided by appellant differed from financial leasing services and were not taxable. Equipment finance arrangements constituted sale-purchase transactions, not financial leasing. Interest income on loans is excluded from service tax valuation. Extended limitation period was inapplicable as no suppression occurred - department was aware of transactions through regular audits and correspondence since 2004. Appeal allowed, demand set aside. en-us Fri, 23 Feb 2024 00:00:00 +0530 Sat, 24 Feb 2024 09:27:12 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=449981 CESTAT Chandigarh allowed the appeal against service tax demand on banking and financial services. The tribunal held that service tax on financial leasing services is applicable only from 16.08.2002, but demand was raised on pre-2002 agreements. Equipment rental services provided by appellant differed from financial leasing services and were not taxable. Equipment finance arrangements constituted sale-purchase transactions, not financial leasing. Interest income on loans is excluded from service tax valuation. Extended limitation period was inapplicable as no suppression occurred - department was aware of transactions through regular audits and correspondence since 2004. Appeal allowed, demand set aside. Case-Laws Service Tax Fri, 23 Feb 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=449981