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2008 (7) TMI 29 - AT - Service TaxLeasing out extrusion machine - agreement is only for the 35 months during which a monthly user charge is required to be paid & agreement doesn’t provide for transfer of assets at the end of term – Revenue proposed to treat this as banking & financial service - service tax will be leviable only on the lease management fee/processing fee/documentation charges (recovered at time of entering into the agreement) & on the finance/interest charges (recovered in EMI) and not on the principal amount
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