Supreme Court approves Service tax on leasing services

Court: Supreme Court Citation: Association of Leasing & Financial Service Companies Versus Union of India and others Brief: The service tax in the present case is neither on the material nor on sale. It is on the activity of financing/ funding of equipment/ asset within the meaning of the words “financial leasing services” in Section 65(12)(a)(i).- the appellant(s) had moved the High Court in the writ petition challenging the validity of Section 66 of the Finance Act, 1994 on the value of taxable services referred to in Section 65(105)(zm) read with Section 65(12)(a)(i) without...