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TMI Blog2013 (11) TMI 400X X X X Extracts X X X X X X X X Extracts X X X X ..... financial services - the appellants are not 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 – Relying upon CCE, Vadodara-I vs. G.E. India, Industries (P) Ltd. [2008 (7) TMI 29 - CESTAT, AHMEDABAD] - after looking into the terms and conditions of the agreement demand is set aside – Decided in favour of Assessee. - ST/96/07-Mum - Final Order No. A/172/2013-WZB/C-I(CSTB) - Dated:- 2-8-2013 - S S Kang And P K Jain, JJ. For the Appellant : Shri J C Patel, Adv. For the Respondent : Ms D M Durando, Deputy Commissioner (AR) PER : S S Kang Heard both sides. Common issue is involved, therefore ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d that the appellants are a banking company or other financial institution. The appellants relied upon the Board circular dated 9.7.2001 whereby the Board has clarified in respect of the banking and financial services. The appellants relied upon the decision of the Tribunal in the case of CCE, Vadodara-I vs. G.E. India, Industries (P) Ltd. reported in 2008 (12) STR 609 to submit that the appellants cannot be held to be a financial banking company or financial institution. 5. The Revenue relied upon the findings of the lower authority and submitted that as per the terms and conditions of the agreement, the storage tanks are installed by the appellants and the same are in the nature of equipment and the appellants are receiving a fixed amou ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... oreign exchange broking provided by a foreign exchange broker other than section those covered under sub-clause (a) Section 65 (4) "body corporate" has the meaning assigned to it in Clause (7) of Section 2 of the Companies Act, 1956 (1 of 1956). Section 65(105)(zm) "Taxable service" means any service provided or to be provided to a customer, 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". Thus, Banking and Financial Service is a service provided by a banking company or a financial institution or any other body corporate or commercial concern in relation to banking and ot ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e end of the term. Further from the agreement it is also seen that all risks and rewards incidental to the ownership have also not been transferred and ownership of the asset nd effective control of the assets remain with the applicant in this case. Further, lease is for a short period of 35 months extendable to another period of 2 years and has no relation to the economic life of the asset which is invariably a consideration in lease. Further, the Board in Circular B/II/I/2000/TRU, dt.9.7.01, has clarified as follows: "2.1 Financial leasing including equipment equipment leasing and hire-purchase: 2.1.1 . 2.1.2 In the case of leasing or hire purchase, it is understood that the general business practice is as follows: Th ..... X X X X Extracts X X X X X X X X Extracts X X X X
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