2007 (4) TMI 41

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....quid forms). These chemicals are cleared from factory in cryogenic tankers. The appellants are possessed of such tankers which, when not required for their purpose, are leased out to other parties. During 2002-03 and 2003-04, they had leased out some of their cryogenic tankers to other parties. This service was sought to be brought within the ambit of "banking and other financial services" defined....

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....ly within the ambit of "equipment leasing" and, therefore, the above demand of service tax requires to be sustained. In this connection, reliance is placed on Stay Order No. 1087-1088/2006 dated 7-11-2006 [2007 (5) S.T.R. 342 (Tribunal)] passed by the Division Bench in Appeal Nos. S/147 & 148/2006. Learned counsel seeks to distinguish the case discussed in the said stay order. 3. After giving c....

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....e said to be rendering "banking and other financial services" only if its transactions with customers are of a financial nature. The appellants are manufacturers of excisable goods and are not rendering any financial service to the buyers of such goods. The transaction in question is  "equipment leasing". But, to attract Service Tax, it should also be a "financial service". It appears from th....