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2014 (12) TMI 597 - AT - Service TaxBanking and other Financial services’(BOF) - Providing ATM facilities and other allied activities related to ATM services to various nationalized banks and to other banks - Scope of Section 65(11)(i) - w.e.f. 1.5.2006 ATM Service a separate service was introduced under Section 65(96) and Section 65(105)(zzzk) of Finance Act and the appellants are duly discharging service tax under the ATM Services. The entire dispute is pertaining to the period prior to 01.05.2006 and in the present case, the Revenue sought to classify the service under BOF service. Held that:- it is evident that in the case of finance lease the lesser transfer all the risks and rewards incidental to the ownership to the lessee. In the present case, the ATMs are owned by the appellants and no rights or risk and rewards are transferred to the Banks. The appellant collects charges for proving ATM Services as facility charges per ATM per day basis. Therefore, by respectfully following the Apex Court decision in the case of Association of Leasing & Financial Services Companies Vs. UOI [2010 (10) TMI 4 - SUPREME COURT OF INDIA], we hold that the appellants providing ATMs and other ATM related activities do not fall under BOF as Financial leasing including equipment leasing and transfer of information or data processing. - Decided against the revenue.
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