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2013 (11) TMI 400 - CESTAT MUMBAIBanking and Financial services Section 65(12) r.w. Section 65(105)(zm) of the Finance Act, 1994 - Fixed amount charged as lease of equipment - Revenue was of the view that the appellants are providing banking and other financial services which are taxable – Held that:-As per the agreement, the property, 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 - The Board circular relied upon by the appellants, clarified in respect of the activity covered under banking and financial services - 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 – Relying upon CCE, Vadodara-I vs. G.E. India, Industries (P) Ltd. [2008 (7) TMI 29 - CESTAT, AHMEDABAD] - after looking into the terms and conditions of the agreement demand is set aside – Decided in favour of Assessee.
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