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TMI Blog2013 (8) TMI 452X X X X Extracts X X X X X X X X Extracts X X X X ..... is interpretation does not render the expression ‘anybody corporate’ used in section 65 (12) redundant because it still had meaning in respect of other sub-clauses at (i), (iii), (iv), (v) etc - corporate guarantee was given in relation a banking and financial service specified at section 65 (12) - the Show cause Notice or adjudication proceedings do not bring out any such case - there was not much merit in the contention of Revenue - the requirement of pre-deposit of dues to be waived and stay its collection till the disposal. - ST/40042/2013 - Misc. Order No. 41468/2013 - Dated:- 14-6-2013 - SHRI. P.K. DAS AND SHRI. MATHEW JOHN, JJ. For the Appellant: Shri L.P. Asthana, Advocate For the Respondent: Shri K.S.V.V. Prasad, JC (AR ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ution 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; [Explanation.-For the purposes of this item, financial leasing means a lease transaction where (i) contract for lease is entered into between two parties for leasing of a specific asset; (ii) such contract is for use and occupation of the asset by the lessee; (iii) the lease payment is calculated so as to cover the full cost of the asset together with the interest charges; and (iv) the lessee is entitled to own, or has the option to own, the asset at the end of the lease period after making the lease payment; [(ii) ?*?*?*?* ] (iii) merchant ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... person who wants recourse to a liquid guarantee will not accept corporate guarantee instead of bank guarantee. He further points out that the services specified in clause (ix) are so specified using the expression services namely and so the scope of the words cannot be expanded to cover other types of activities. 6. The Counsel prays that there is no merit in the argument of Revenue and hence appeal should be admitted without any pre-deposit. In the case of service provided by Vedanta Resources Plc. Inc. London, the Counsel submits that the service cannot in the first place be categorized as banking and financial service and secondly the entire activity is performed outside India and hence cannot be the subject matter of service tax l ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ded or to be provided], - --- -- (zm) to any person, by a banking company or a financial institution including a non-banking financial company, or any other body corporate or commercial concern, in relation to banking and other financial services; 0. Therefore, if the impugned corporate guarantee was given in relation a banking and financial service specified at section 65 (12) of Finance Act 1994, there may be force in the argument of Revenue. But the Show cause Notice or adjudication proceedings do not bring out any such case. 11. So we are of the view that prima facie there is not much merit in the contention of Revenue. So we waive the requirement of pre-deposit of dues arising from the impugned order for admission of appeal a ..... X X X X Extracts X X X X X X X X Extracts X X X X
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