2023 (7) TMI 65

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....ra B. Mishra in CEXA No. 37 of 2021 & CEXA No. 38 of 2021. For the Respondent : Mr. Jitendra B. Mishra in CEXA No. 3 of 2021 & CEXA No. 8 of 2021. For the Appellant : Mr. Sriram Sridharan in CEXA No. 3 of 2021, CEXA No. 2 of 2021, CEXA No. 8 of 2021 & CEXA No. 7 of 2021. For the Respondent : Mr. Sriram Sridharan in CEXA No. 37 of 2021 & CEXA No. 38 of 2021. P.C. 1. This is a batch o....

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.... towards the demand of Service Tax made, came to be dismissed. 3. Learned counsel for the assessee has placed on record revised substantial questions of law. We propose to dispose of the present appeals on the following substantial question of law: "(ii) Whether, in the facts and circumstances of the present matter, the impugned Order is liable to be set aside and the captioned Appeal ....

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....Financial Companies on premature termination of loans attract a levy of Service Tax under the heading "Banking and other financial services" as defined under Section 65(12) of the Finance Act 1994, came to be referred to the Larger Bench of the Tribunal. There were two decisions which were in favour of the assessees, firstly, in the case of Small Industrial Development Bank of India V. CCE Chandig....

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....ngly answered the question in favour of the assessees. It is on such backdrop, the proceedings are before us. 6. Having considered the decision of the Larger Bench and the questions which otherwise would have fell for our consideration in relation to both what has been held in the impugned order in favour of the revenue and against the assessee, and also in regard to the orders on penalty, on w....