JUDGMENT

A.K. Sikri, J.

1. In these appeals, the appellant is Union of India, which has assailed the common judgment and order dated July 14, 2008, passed by High Court of Judicature at Andhra Pradesh, in a batch of writ petitions. Those writ petitions were filed by some chit fund companies (hereinafter referred to as the `assessees') assailing the validity of Circular No. 96/7/2007-ST (Circular No. 034-04) dated August 23, 2007 and Proceedings No. HAST 141/2007 dated December 18, 2007 which were issued by the Central Board of Excise & Customs, Ministry of Finance, Department of Revenue (Tax Research Unit), Government of India (hereinafter referred to as the `Revenue'). By the aforesaid Circular and Proceedings, the Revenue had called upon the assessees to pay the service tax on the running of chit funds as according to the Revenue, it was a service provided by the assessees which was covered under `banking and other financial services', a taxable service under sub-section 12 of Section 65 of the Finance Act, 1994. Plea of the assessees was that the chit fund business does not amount to any service covered by the definition of `banking and other financial services' as per the said te