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2015 (11) TMI 1105 - AT - Service TaxDenial of CENVAT Credit - Banking and other Financial Services - Some of the services are partially exempted vide Notification No. 29/2005-Service Tax dated 22.2.2004 read with Valuation Rules - Held that:- issue is full covered by Josts Engineering (2013 (8) TMI 463 - CESTAT MUMBAI) and also in the case of Nagar Urban Co-operative Bank Ltd. (2014 (7) TMI 117 - CESTAT MUMBAI). I find that the appellants case is squarely covered as in earlier order[2015 (11) TMI 952 - CESTAT MUMBAI]. Further, the aforementioned ruling was not available before the adjudicating authority at the time of passing of the impugned order and these rulings were pronounced subsequently. In this view of matter and after recording the finding that the appellants 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 balance 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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