Banking and Financial Leasing Services
Where the appellant a manufacturer of industrial gases had entered into an agreement with its customer whereby it had supplied/loaned to them insulated storage tanks for use for a term of 3 years for a fixed sum payable per month, it was held that the same cannot be classified as financial leasing services since the assessee was not a banking company or a financial institution or a body corporate or a commercial concern engaged in providing services in relation to banking and other financial services [Inox Air Products Ltd. vs. CCE (2015) 37 STR 1024 (Tri.–Mum.) and Inox Air Products Ltd. vs. CCE (2015) 38 STR 191(Tri.–Mum.)].
Where the appellant a manufacturer of industrial gases had entered into an agreement with its customer whereby it had supplied/loaned to them insulated storage tanks for use for a term of 3 years for a fixed sum payable per month, it was held that the same cannot be classified as financial leasing services since the assessee was not a banking company or a financial institution or a body corporate or a commercial concern engaged in providing services in relation to banking and other financial services [Inox Air Products Ltd. vs. CCE (2015) 37 STR 1024 (Tri.–Mum.) and Inox Air Products Ltd. vs. CCE (2015) 38 STR 191(Tri.–Mum.)].
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