2009 (5) TMI 803

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..... ORDER Ld. Counsel Shri B.L. Narasimhan submits that the vehicles provided under Hire-Purchase Agreement to the buyers have been brought to tax under the category of banking and financial services unlawfully raising the impugned demand. He relies on the Board's Circular No. 83/1/2006-S.T., dated 4-7-2006 and explains that meaning of body corporate was wrongly interpreted by the Authority below.....

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....Section 65(12) of the Finance Act, 1994. That sub-section brings the banking company or a financial institution defining these terms to the purview of law. If those institutions provide services under various sub-clauses, that sub-section brings them to fold of law. Banking company was defined under Section 65(11) of the Finance Act, 1994. Also the definition including financial institution as fur....