2009 (3) TMI 891

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....vocates, for the Appellant. Shri B.K. Singh, Jt. CDR, for the Respondent. ORDER After examining the records and hearing both sides, we find that the adjudicating authority has demanded Service Tax of over Rs. 76 lakhs from the appellant for the period April, 03 to March, 06 in respect of what has been held to be "Banking and Other Financial Services" falling under Section 65 of the Financ....

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....definition is given below :- "Banking and other financial services" means the following services provided by a banking company or a financial institution including a non-banking financial company or any other body corporate or commercial concern, namely :- (i) financial leasing services including equipment leasing and hire-purchase." It is argued that the appellant-company, though a body ....

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....be rendering "Banking and Other Financial Services" only if its transactions with customers are of a financial nature. 3. Learned Jt. CDR has argued that, in the cases cited by the learned Counsel, the "ejusdem generic" principle was not correctly applied. He has, further, pointed out that the question whether the appellants were rendering the above service to the lessee under the agreement sho....

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....pellants and their lessee was that of a 'financial service'. In his rejoinder, the learned Counsel has contested this plea by submitting that there can be no financial service if no financial gain to the service provider. He has also submitted that the appellant has only received the value of the equipment. Though this claim is difficult to believe, we have, for the present purpose, to consider th....