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2015 (12) TMI 748 - AT - Service TaxWaiver of pre deposit - Banking and other Financial Services - appellant availed Cenvat credit on insurance policies of its employee - Held that:- Appellant is clearly engaged in providing Banking and other financial services and service it is engaged in lending money to borrowers. However assisting borrowers to obtain life and health risk coverage even though appellant may have an incentive for doing this, by way of covering the risk it incurs in lending to small borrowers and whose life and health are a matter of economic concern for the appellant, this activity does not fall within any of the integers of the Banking and other Financial Services, referred in Section 65(12) read with Section 65(105)(zm) of the Act - Prima facie the appellant’s activity of maintaining records of the insurance policies of borrowers, managing the data in this regard and facilitating an interface between borrowers and insurance companies, does not fall within the definition of Banking and other Financial Services - Stay granted.
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