2016 (12) TMI 796

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.... Shri.MP Damle, Asst. Comm. (AR) for respondent ORDER Per: M.V. Ravindran 1. This appeal is directed against Order-in-Appeal No.PVR/29/NGP/2013 dated 22/01/2013 passed by Commissioner of Central Excise & Customs (Appeals), Nagpur. 2. Heard both sides and perused the records. 3. The issue that falls for consideration is whether appellant is liable to service tax on an amount recei....

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..../2007, we reproduce the relevant findings: "This issue has been examined and decided by my predecessor against the appellant by two order-in-appeal s No.SVS/38-39/NGP-II/ST/07 dated 23/01/2007 and SVS/154/NGP-II-ST/2007 dated 16/03/2006 wherein it was held that " 9.1 The claim of the appellant is that their activity does not come within the meaning of financial services for the r....

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....to the cases where the lease has been entered before the 16/07/2001 and therefore their activity is not liable to tax. 9.2 The above stand of the appellant is not sustainable for the reason that equipment leasing is covered under the term operating lease which is sub head of financial leasing. In terms of Rule AS 19 issued by Council of Institute of Chartered Accountants of India, lease h....

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....nt, may decide to buy it or continue to lease it for a secondary period, often at lower fee. In hire purchase, ownership transfers incrementally to the user with every installment made to the lessor during the term of the contract. 9.3 There is no doubt about the fact that the storage, tank installed by the appellant are in the nature of equipment and the terms of agreement, unde....