TMI Blog2013 (12) TMI 1123X X X X Extracts X X X X X X X X Extracts X X X X ..... whose primary business is of receiving deposits or lending money. Therefore, the appellant is not a service provider envisaged in law in respect of banking and financial services at the point of time. The appellant is a mere lessor of the land, plant and machinery owned by him. This Tribunal, in similar circumstances, in the case of GE India Industries (P) Ltd and Banswara Syntex, (2008 (7) TMI 29 - CESTAT, AHMEDABAD) held that if the agreement does not provide for transfer of assets at the end of the lease term during which monthly user charges are collected, and all risks and rewards incidental to ownership are not transferred, such leasing activities would not fall under the category of financial lease coming under the "banking and fina ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ce rendered by the appellant as "banking and financial service" along with interest thereon. Penalties were also imposed. The appellant preferred an appeal before the lower appellate authority, who came to the conclusion that the activity undertaken by the appellant merits classification under "banking and financial service". However, the value for the levy of service tax should be the amount received towards documentation and processing fee and the interest component only. Accordingly, the adjudicating authority was directed to re-quantify the amount and pass a fresh order. The appellant is aggrieved of the same and is before us. 3. The Ld. Counsel for the appellant submits that the activities undertaken by the appellant is not "financia ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... non-banking financial company as defined in law. The appellant is also not a non-banking institution notified by the RBI whose primary business is of receiving deposits or lending money. Therefore, the appellant is not a service provider envisaged in law in respect of banking and financial services at the point of time. The appellant is a mere lessor of the land, plant and machinery owned by him. This Tribunal, in similar circumstances, in the case of GE India Industries (P) Ltd and Banswara Syntex, (supra) held that if the agreement does not provide for transfer of assets at the end of the lease term during which monthly user charges are collected, and all risks and rewards incidental to ownership are not transferred, such leasing activit ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
