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2013 (8) TMI 881 - AT - Service TaxBanking and other financial services - appellants are engaged in the manufacture of industrial gases - Held that:- As per the agreement, the vacuum insulated storage tank was supplied to their customers for a fixed term, i.e. for three years, and the appellants are charging ₹ 27,500/- per month. As per the agreement, the property, i.e. tank, always remains the property of the appellants and the same was only loaned for use to their customers. The customers are not entitled to sell or offer for sale, mortgage and pledge the tanks. - Board by the circular relied upon by the appellants, clarified in respect of the activity covered under banking and financial services. As the appellants are not a banking company or a financial institution including a non-banking financial company or any other body corporate or commercial concern in relation to banking and other financial services, therefore, we find merit in the contention of the appellants in this regard. Further, we find that the Tribunal in the case of G.E. India, Industries Ltd. (2008 (7) TMI 29 - CESTAT, AHMEDABAD) in a similar situation where extrusion material was given on lease to Jain Irrigation, the Tribunal after looking into the terms and conditions of the agreement which are similar to the present agreement, set aside the demand. - impugned order is set aside - Decided in favour of assessee.
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