9911796707
TMI Blog2016 (9) TMI 1111X X X X Extracts X X X X X X X X Extracts X X X X ..... the appellant- Revenue Sh. Ravi Holani, C.A. for the Respondent - assessee ORDER The Revenue is in appeal against order dated 30.03.2009 of Commissioner (Appeals-I), Indore. The brief facts of the case are that the respondent-assessee are engaged in the manufacture of parts of motor vehicle. Upon scrutiny of the financial accounts of the respondent it was noticed that the res ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... respondent for service tax on income earned towards leasing out of certain machines. The Revenue sought to tax the respondent under the category of "banking and financial services". The relevant extracts of the definition of Banking and Financial Service under Section 65 of the Finance Act, 1994 are given below: "Section 65(12) "banking and financial service means- (a) the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... body corporate or commercial concern, in relation to banking and other financial services". The case of the Revenue is that the respondent is a "body corporate" who had undertaken leasing of plant and machinery, equipments to third party. We note that the impugned order elaborately examined the scope of financial leasing in terms of Accounting Standards - 19 issued by ICAI. A lease ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ntrovert such finding. 4. Further, we note that the tax liability on the respondent was sought to be sustained on the ground that they are a "body corporate" and hence covered by the definition. We note that the definition mentions "banking company" or "financial institution" and / "non-banking finance company". The principal objective of all these shall ..... X X X X Extracts X X X X X X X X Extracts X X X X
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