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TMI Blog2014 (11) TMI 754X X X X Extracts X X X X X X X X Extracts X X X X ..... SUPREME COURT OF INDIA), various provisions of Finance Act, and Service Tax Rules. Prima facie we do agree with the contention of the Ld. Counsel for the applicant that applicant is engaged in the activity of giving loan for earning interest through leasing the vehicles under financial leasing services. As per explanation to Section 67 of the Finance Act, 1994. - Interest on loan is exempted from ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ainst them by way of impugned order under the Finance Act, 1994. 2. The facts of the case are that the appellant is Non-banking Finance Company and engaged in the activity of providing services of hire purchase and financial leasing of commercial activity. The service provided by the applicant having three components namely: (a) Principal and the interest (b) Interest amount ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 3. Heard both sides. 4. The learned Counsel for the applicant submits that as per decision of Association of Leasing Financial Service Companies Vs. Union of India reported in 2010 (20) STR 417 (S.C.) , the Hon'ble Apex Court has held that applicants are nothing but a company engaged in the business of financing loan and as per Finance Act, 1994, explanation of Section 67 of the Act, inte ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... hem. Therefore, for the impugned demands the applicant be directed to make pre-deposit at this stage. 6. After considering the submissions made by both sides, on perusal of the decision of the Hon'ble Apex Court in the case of Association of Leasing Financial Service Companies Vs. Union of India (supra), various provisions of Finance Act, and Service Tax Rules. Prima facie we do agree wit ..... X X X X Extracts X X X X X X X X Extracts X X X X
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