2009 (4) TMI 792

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..... riharan, JCDR, for the Respondent. ORDER Heard both sides on the application for waiver of pre-deposit of service tax of Rs. 11,77,56,093/- + educational cess of Rs. 22,15,562/- + secondary higher education cess of Rs. 3,54,064/- together with interest under Section 75 and penalty of Rs. 200/- per day under Section 76 from 1-7-2003 to 17-4-2006 and 2% per month on the tax payable from 18-4-2006 .....

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..... , the ownership of the goods should vest in the person who is entering into an hypothecation agreement, while in the present case it is the customers of the applicant-bank who have a right to title in the goods which they have offered as security for loan from the banks. The activity carried out by the applicant-bank therefore, prima facie, does not fit in with the definition of "Banking and other .....

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