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TMI Blog2008 (9) TMI 174X X X X Extracts X X X X X X X X Extracts X X X X ..... No. 1089/2008 dt. 22.9.2008 certified on 13.10.2008 in Appeal No. ST/333/2006) Shri R. Krishna Iyer, CA for Appellants. Mrs. Joy Kumari Chander, JCDR for Respondent. [Order per :T.K. Jayaraman, Member (Technical)] - This appeal has been filed against Order-in-Original No. 02/2006-ST Commr. dated 19.10.2006 passed by the Commissioner of Central Excise & Customs, Thiruvananthapuram. 2. Shri R. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... resulted in the enlarging the scope of "Banking and Financial Services" which were originally made taxable with effect from 16.7.2001. The appellant was at pains to explain that they are only lending money to M/s. KSRTC and they were not doing any hire purchase activity. So according to them, for the relevant period they would not be covered under the category of "Banking and Financial Services". ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... as urged that the salient features of the agreement are that the borrowers are KSTRC, the lending rate is 8.5%, the first charge is on the landed property, the relationship between the appellant and the customers are only lender and borrowing and interest rate is mentioned in the hypothecation agreement. The legal opinion of Justice K.S. Paripoornan has concluded that "it seems to me to be fairly ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Tri.-Bang.) (ii) Praveen Autofin Pvt. Ltd. Vs. CCE, Mangalore - 2008 (85) RLT 355 (CESTAT-Bang.)=2008 (10) STR 187 (Tri.-Bang.) (iii) Kusalava Finance Ltd. Vs. CCE, Guntur - 2008 (85) RLT 573 (CESTAT-Ban.)=2008 (10) STR 150 (Tri.-Bang.) 6. On a very careful consideration of the issue, we find that the appellants had only been lending money for interest and in the strict terms they had not been ..... X X X X Extracts X X X X X X X X Extracts X X X X
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