2007 (4) TMI 41

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..... ) of appellant is not liable for service tax - S/PD/95/2006 in A.No. S/218/2006 - Stay Order No. 358/2007 - Dated:- 9-4-2007 - [Order] - The appellants are manufacturers of oxygen and nitrogen (both in gaseous and liquid forms). These chemicals are cleared from factory in cryogenic tankers. The appellants are possessed of such tankers which, when not required for their purpose, are leased out .....

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..... urely in the nature of lease by a non-banking and non-financial company. On the other hand, learned SDR submits that the appellants would come within the scope of "body corporate" and the above service would fall squarely within the ambit of "equipment leasing" and, therefore, the above demand of service tax requires to be sustained. In this connection, reliance is placed on Stay Order No. 1087-10 .....

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..... mpany, nor a financial institution. The expression "any other body corporate" requires to be read ejusdem generis with the expressions occurring prior thereto in the above definition. In other words, a company can be said to be rendering "banking and other financial services" only if its transactions with customers are of a financial nature. The appellants are manufacturers of excisable goods and .....

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