2014 (11) TMI 754

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....thu Venkataraman, Adv. JUDGEMENT Per: Ashok Jindal: The applicant is seeking waiver of pre-deposit of service tax, interest and penalties confirmed against them by way of impugned order under the Finance Act, 1994. 2. The facts of the case are that the appellant is Non-banking Finance Company and engaged in the activity of providing services of hire purchase and financial leasing of commercial....

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....confirmed the demand of service along with interest and penalties were also loaded on the applicants. Today, the applicant is praying for waiver of pre-deposit of the impugned demands. 3. Heard both sides. 4. The learned Counsel for the applicant submits that as per decision of Association of Leasing & Financial Service Companies Vs. Union of India reported in 2010 (20) STR 417 (S.C.) , the Hon&....

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....2006 clearly provides exemption upto 90% of the interest collected by them. Therefore, as per the notification, they are required to pay service tax on 10% of interest collected by them. Therefore, for the impugned demands the applicant be directed to make pre-deposit at this stage. 6. After considering the submissions made by both sides, on perusal of the decision of the Hon'ble Apex Court i....