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2015 (10) TMI 2409 - AT - Service TaxStay on Refund of cenvat credit - Banking and financial services and technical inspection and certification services – Import of Rough Diamonds - Revenue contends that scope of Notification 17/2009-S.T is very specific and no scope for allowing refund of credit pertaining to services utilised by Respondents. Held That:- Contentions of Revenue that service tax paid on 'banking and other financial services' and 'technical inspection and certification services' cannot be correlated to export of goods manufactured and that services are also in respect of rough diamonds imported, are totally baseless - Banking services are utilised for raising finance for import as well as for export of goods manufactured - There cannot be two different yardsticks, one for permitting credit and other for eligibility for granting rebate - Definition of 'input service' on banking charges has to be allowed as they are in relation to business of manufacture whether same is prior or subsequent to manufacture – Decision made in case of Meghmani Dyes & Internationals Ltd. v. CCE [2014 (1) TMI 558 - CESTAT AHMEDABAD] followed – Stay rejected.
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