Prior to 1-3-2006, interest on loan is not taxable in absence of mechanism for bifurcation of service: Bombay HC

EXCISE/ST/VAT : In case of assessee providing services of hire-purchase and financial leasing of commercial vehicles, for period prior to 1-3-2006, service tax is not recoverable on entire interest component collected as equated monthly instalments on transactions relating to 'financial leasing services including equipment leasing and hire-purchase',

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