https://www.taxtmi.com/caselaws?id=757445 Financial leasing or hire purchase is not taxable unless the statutory elements are established, including a specific asset, ownership with the lessor, lease-based use by the lessee, and transfer or option to transfer ownership at the end of the term; on the loan agreements examined, those ingredients were absent and the service tax demand was set aside. A disputed service tax demand on commission, brokerage, processing fees and locker rent required fresh verification of the appellant's excess-payment claim, and the related CENVAT credit dispute was also remanded for factual examination, except for the admitted utilisation of Rs.85,263/- for tax and cess, which was upheld for reversal with interest. Penalty under section 78 read with Rule 15 was set aside because the record did not establish the necessary penal ingredients. en-us Fri, 23 Aug 2024 00:00:00 +0530 Tue, 27 Aug 2024 08:17:15 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=757445 Financial leasing or hire purchase is not taxable unless the statutory elements are established, including a specific asset, ownership with the lessor, lease-based use by the lessee, and transfer or option to transfer ownership at the end of the term; on the loan agreements examined, those ingredients were absent and the service tax demand was set aside. A disputed service tax demand on commission, brokerage, processing fees and locker rent required fresh verification of the appellant's excess-payment claim, and the related CENVAT credit dispute was also remanded for factual examination, except for the admitted utilisation of Rs.85,263/- for tax and cess, which was upheld for reversal with interest. Penalty under section 78 read with Rule 15 was set aside because the record did not establish the necessary penal ingredients. Case-Laws Service Tax Fri, 23 Aug 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=757445