appropriate Government, and includes
any--
(i) body owned, controlled or substantially
financed;
(ii) non-Government organisation
substantially financed,
directly or indirectly by funds provided ... term ‗public authority' includes bodies which
are owned, controlled or substantially financed directly or indirectly
by funds provided by the appropriate Government
Audit of receipts and expenditure of
bodies or authorities substantially
financed from Union of State Revenues.
1*(1) Where anybody or authority is
substantially financed ... deemed, for the purposes of [this
sub-section] to be substantially financed
by such grants or loans as the case may
be. Functions of Comptroller
appropriate Government, and includes any—
(i) body owned, controlled or substantially
financed;
(ii) non-Government organisation substantially
financed,
directly or indirectly by funds provided
Inter Steller Exports Pvt. Ltd, Sober Associates Pvt. Ltd. and Ritika
Finance & Investments Pvt. Ltd. Thus, it can be savely construed that ... Sober
Associates Pvt. Ltd and Ritika Finance & Investments Pvt. Ltd., there
were corresponding or substantial deposits and credit entries before
the investments were made
were made by the Finance
Act, 2001 in the case of Private Ltd. companies
becoming companies in which public are
substantially interested as also disinvestment ... However, as noted above, in the very next year substantial
changes were made by Finance Act 2003, sub-sections (9) and 9A of
Section
appeal is maintainable and to substantiate his
contention, he has relied upon the provisions of the
Finance Act, 1994 vide which service tax was
introduced ... CEAC 12/2013, CST v. Ernst & Young Pvt. Ltd.
25. The substantial questions of law raised by Commissioner read
as under:-
"Whether providing
seizure provisions in the Act introduced by Finance Act,
1964 have undergone a number of amendments including substantial
amendments made by the Taxation Laws (Amendment
transactions i.e. finance agreement and
operational lease are different. Explaining this difference in
Asea Brown Boveri Limited versus Industrial Finance
Corporation of India ... lease finance? According to
Dictionary of Accounting & Finance by R.
Brockington (Pitman Publishing, Universal Book
Traders, 1996 at p. 136):
"A finance lease
2014 Page 1 of 5
was engaged in the business of financing and investment. It was
noticed from the P&L account that there ... observed that the
respondent assessee was engaged in financing business. Their business and
profits had increased substantially over a period of time. A chart giving
after amendment
by way of Finance Act, 2008 w.e.f. 1st October, 2008. The said
amendment has made substantial difference ... lakhs or above. The aforesaid
figures/data does indicate that in substantial number of matters,
Revenue may not have succeeded before the tribunal in sustaining
