2014 (7) TMI 155

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..... rchase Contracts entered prior to 16.07.2001 and installments of which were received after 16.07.2001, there is no Service Tax liability. In our view, the same logic is applicable to the present case also. When the Hire purchase contract is entered, the taxable event occurs. We agree with the appellants that the installment payments are only obligations of the hirer. The finding of the Commissione .....

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..... his appeal against the impugned order. The brief facts are that the appellant is lease finance company and providing finance lease and under the category of Banking and Finance Service. The demand is confirmed on the ground that lease agreement entered by the appellant prior to 2004 and appellant had not discharged the correct service tax liability. The contention of the revenue is that appellant .....

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..... 5. The Banking and Financial Services came under The Service Tax net w.e.f. 16.07.2001. At that time, CBEC issued clarification to the effect that in respect of Hire Purchase Contracts entered prior to 16.07.2001 and installments of which were received after 16.07.2001, there is no Service Tax liability. In our view, the same logic is applicable to the present case also. When the Hire purch .....

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