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2015 (11) TMI 952 - AT - Service TaxDenial of CENVAT Credit - Banking and other Financial Services - services partially exempted vide Notification No. 29/2005-Service Tax dated 22.2.2004 - Held that:- Issue is full covered by Jost’s Engineering (2013 (8) TMI 463 - CESTAT MUMBAI) and in the case of Nagar Urban Co-operative Bank Ltd. (2014 (7) TMI 117 - CESTAT MUMBAI), I find that the appellant’s case is squarely covered. - reversal of credit by the assessee on the entire common input service credit taken along with interest, amounts to non-availment of credit. Further, the aforementioned ruling was not available before the adjudicating authority at the time of passing of the impugned order and rulings were pronounced subsequently. In this view of matter and after recording the finding that the appellant’s case are covered by these two rulings, I remand the matter back to the adjudicating authority with a direction to verify the amount of CENVAT Credit reversed. If the same is found to be short then the appellant may be allowed an opportunity to reverse the amount alongwith interest. It is also held that the Banking and other Financial Service, which are the output service of the appellant are not fully exempted and accordingly, do not fall under the category of exempt service as defined under Rule 2(e) of the Cenvat Credit Rules, 2004. - Matter remanded back - Decided in favour of assessee.
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