TMI Blog2013 (12) TMI 855X X X X Extracts X X X X X X X X Extracts X X X X ..... de of the balance sheet in some other entry. So the case cannot decided solely for the reason that figures are taken from the expenditure side of the balance sheet - agreement is for a period subsequent to the period of dispute - Assessee directed to make a pre deposit - Conditional stay granted. - ST/560/2011 - - - Dated:- 22-4-2013 - P K Das And Mathew John, JJ. For the Appellant : Shri P C Anand , CA For the Respondent : Shri M Rajagopalan , Special Counsel PER : P K Das The applicant is a Non-Banking Financial Company engaged in the business of hire-purchase and financial leasing transactions/ lending. They securitized a part of their receivables, against loans given by them to their customers (referred to as "obligor ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rest and penalties. Aggrieved by the adjudication order the applicant has filed an appeal with the Tribunal along with an application for waiver of pre-deposit of dues arising from the impugned order for admission of appeal. 3. The counsel for applicant first submitted that there cannot be demand on expenditure incurred by an assessee. In the normal course this argument is valid unless tax is charged under a reverse charge mechanism. In this case there is no reverse charge mechanism for levying service tax is involved. So the demand on expenditure shown in their books of accounts is legally not maintainable. He emphasized that the expenditure shown in their books of accounts was not reimbursed by anybody. According to him this amount repr ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ent" we see force in the argument that the services rendered by the applicant to the buyers of their assets like ICICI Bank in their capacity as collection agent is a service classifiable under "Business Auxiliary Service" But the applicant has not paid any service tax for such activity. Regarding the value of the service we see some force in the argument of Revenue that the value of such service can appear in expenditure side if the amount inclusive of this amount is appearing on receipt side of the balance sheet in some other entry. So the case cannot decided solely for the reason that figures are taken from the expenditure side of the balance sheet. 6. We have seen from the case records filed by the applicant the agreement dated 24.3.2 ..... X X X X Extracts X X X X X X X X Extracts X X X X
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