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TMI Blog2008 (9) TMI 174X X X X Extracts X X X X X X X X Extracts X X X X ..... o Service Tax under the category of “Banking and Financial Services” only with effect from 10.9.2004 – no any justification for the demand of Service Tax, interest and also imposition of equal penalty invoking the longer period - ST/333/2006 - 1089/2008 - Dated:- 22-9-2008 - Dr. S.L. Peeran, Member (Judicial) and Shri T.K. Jayaraman, Member (Technical) (Final Order No. 1089/2008 dt. 22.9. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nterest under Section 75 has been imposed. A penalty equal to the Service Tax demanded has also been imposed. The appellants are highly aggrieved over the impugned order. Hence, they have come before this Tribunal for relief. 4. The appellants had taken several submissions. It was urged by the learned CA that with effect from 10.9.2004 they are paying Service Tax after the amendment which resu ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... aripoornan, it is very clear that he has concluded his opinion by saying that prior to 10.9.2004 the appellant would not be subjected to Service Tax for the activity carried out by them under the category of "Banking and Financial Services" 5. It was stated that the appellant had not executed any hire purchase agreement with the parties. The agreements were produced before the Tribunal. It was ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ) STR 139 (Tri.-Mumbai) which follows the judgment of the Hon'ble Supreme Court in the case of Sundaram Finance Ltd. Vs. State of Kerala Another as reported in 17 STC 480 (SC). The Tribunal has held that "hire purchase" and "hire purchase financing" are not synonymous. Further, the learned CA relied on following decisions. (i) Kerala State Financial Enterprises Vs. CCE, Cochin ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... on of the longer period. The subject matter is also covered by the decisions of the Supreme Court and also this Bench cited supra. In these circumstances, we do not find any justification for the demand of Service Tax, interest and also imposition of equal penalty invoking the longer period. Hence, we set aside the impugned order by allowing the appeal with consequential relief. (Operative porti ..... X X X X Extracts X X X X X X X X Extracts X X X X
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