Operating Leases vs Financial Leases: VAT Paid on Operating Leases Not Subject to Service Tax per Impugned Order.

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Full Text of the Document

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....Classification of services - Banking and Other Financial Services or otherwise? - Listing out the difference between operating lease and financial lease the impugned order categorically recorded that the lease arrangements on which the respondent –assessee discharged VAT are operating leases and are not liable to service tax - - AT....