9911796707
TMI Blog2013 (11) TMI 1302X X X X Extracts X X X X X X X X Extracts X X X X ..... ated 01.03.2006 or on account of provision in Service Tax (Determination of Value) Rules, 2006. - stay granted on this count. Assessee directed to make partial pre deposit in respect of ineligible credit - Partial stay granted. - ST/00157, 00186/2010 - MISC. ORDER No. 42639-42641/2013 - Dated:- 31-10-2013 - Shri Pradip Kumar Das and Shri Mathew John, JJ. For the Appellant : S/Shri V. Sridharan Adv. Saurab Aggarwal, Cons. For the Respondent : Shri M. Rammohan Rao, DC (AR) JUDGEMENT Per Mathew John: Two stay petitions along with an application of additional evidence are being considered in this proceeding. Both the stay applications relate to appeal filed in respect of matters arising from one impugned order. Miscel ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ent of service tax. 4. The services rendered by the applicant is mainly lending of money, including hire purchase services. They also securitize their loan portfolio and sell it to other financing companies with agreement to service such accounts for recovery of the loans given. For such services applicant was paying service tax. The applicant also charged penal interest, foreclosure charges and cheque bouncing charges. In respect of lending, including hire purchase services they were not paying service tax in respect of interest received in view of the provisions of Rule 6 of Service Tax Valuation Rules, 2007. In respect of services like, foreclosure charges, penal interest and cheque bouncing charges, also they were not paying service t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... bmission before the Commissioner, that giving loans is not an exempted service, has not been framed as an issue in the finding portion of the adjudication order and no clear finding has been given on this, though their submission in this regard is recorded in the order. 6. The Ld Advocate did not seriously contest the issue relating to credit on ineligible input services for the purpose of deciding stay petition. 7. Opposing the prayer, the learned Authorized Representative for the Revenue submits that interest is a consideration for loans given and for such interest no service tax is paid. But on related inputs the applicant is taking Cenvat Credit. There are certain other activities in respect of giving loans like processing of applic ..... X X X X Extracts X X X X X X X X Extracts X X X X
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