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TMI Blog2009 (3) TMI 891X X X X Extracts X X X X X X X X Extracts X X X X ..... ORDER After examining the records and hearing both sides, we find that the adjudicating authority has demanded Service Tax of over Rs. 76 lakhs from the appellant for the period April, 03 to March, 06 in respect of what has been held to be Banking and Other Financial Services falling under Section 65 of the Finance Act, 1994. The tax has been assessed on a value of Rs. 3.5 crores mentioned i ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... following services provided by a banking company or a financial institution including a non-banking financial company or any other body corporate or commercial concern, namely :- (i) financial leasing services including equipment leasing and hire-purchase. It is argued that the appellant-company, though a body corporate, would not come within the ambit of the expression any other body corpo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ustomers are of a financial nature. 3. Learned Jt. CDR has argued that, in the cases cited by the learned Counsel, the ejusdem generic principle was not correctly applied. He has, further, pointed out that the question whether the appellants were rendering the above service to the lessee under the agreement should be decided on the basis of the real nature of the agreement itself. In this cont ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... earned Counsel has contested this plea by submitting that there can be no financial service if no financial gain to the service provider. He has also submitted that the appellant has only received the value of the equipment. Though this claim is difficult to believe, we have, for the present purpose, to consider the case law placed before us, which is to the effect that, for levy of service tax on ..... X X X X Extracts X X X X X X X X Extracts X X X X
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