TMI Blog2023 (7) TMI 65X X X X Extracts X X X X X X X X Extracts X X X X ..... as defined under Section 65(12) of the Finance Act 1994, came to be referred to the Larger Bench of the Tribunal. There were two decisions which were in favour of the assessees, firstly, in the case of M/S SMALL INDUSTRIES DEVELOPMENT BANK OF INDIA VERSUS CCE, CHANDIGARH [ 2011 (1) TMI 495 - CESTAT, NEW DELHI ] also subsequently the decision in M/S. MAGMA FINCORP LTD. VERSUS COMMISSIONER OF SERVICE TAX, KOLKATA AND VICE-VERSA [ 2016 (4) TMI 21 - CESTAT KOLKATA ]. On the backdrop of conflicting views, the Larger Bench of the Tribunal adjudicated such issue in the case of Commissioner of COMMISSIONER OF SERVICE TAX, CHENNAI VERSUS M/S REPCO HOME FINANCE LTD. [ 2020 (7) TMI 472 - CESTAT CHENNAI ] whereby it was held that the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... riram Sridharan in CEXA No. 3 of 2021, CEXA No. 2 of 2021, CEXA No. 8 of 2021 CEXA No. 7 of 2021. For the Respondent : Mr. Sriram Sridharan in CEXA No. 37 of 2021 CEXA No. 38 of 2021. P.C. 1. This is a batch of appeals arise from a common order dated 21 August 2019 passed by the Customs Excise Service Tax Appellate Tribunal (for short CESTAT ), whereby the LIC Housing Finance Ltd s (for short the assessee ) appeal is allowed to the extent of setting aside the penalties imposed under Sections 76, 77 and 78 of the Finance Act, 1994 and the impugned orders to the extent of confirming the demand of Service Tax and interest were upheld. Appeal (St.) No. 87781 of 2013 and Appeal (St.) No. 87431 of 2013 filed by the asse ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... panies on premature termination of loans attract a levy of Service Tax under the heading Banking and other financial services as defined under Section 65(12) of the Finance Act 1994, came to be referred to the Larger Bench of the Tribunal. There were two decisions which were in favour of the assessees, firstly, in the case of Small Industrial Development Bank of India V. CCE Chandigarh 2011 (23) STR 392 (Tri. Del), also subsequently the decision in Magma Fincorp Limited V. CST 2016 (4) TMI 21- CESTAT Kolkata. On the backdrop of conflicting views, the Larger Bench of the Tribunal adjudicated such issue in the case of Commissioner of Service Tax, Chennai V. Repco Home Finance Ltd. 2020 (42) GSTL 104 (Tri. LB), whereby it was ..... X X X X Extracts X X X X X X X X Extracts X X X X
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