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2015 (11) TMI 1105 - CESTAT MUMBAI

2015 (11) TMI 1105 - CESTAT MUMBAI - 2016 (41) S.T.R. 450 (Tri. - Mumbai) - Denial 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 squarel .....

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d 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. - Appeal No. ST/88531/14 - Final Order No. A/2465/2015-WZB/SMB - Dated:- .....

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ed vide Notification No. 29/2005-Service Tax dated 22.2.2004 read with Valuation Rules. The show-cause notice dated 13.06.2013 was issued to the appellant for the period April, 2008 to March, 2011 on the allegation that the appellant having availed input tax, and the output services being partially exempted were required to either maintain separate account or pay output tax @ 6% under Rule 6(3), on the exemption portion of the service under the head Banking and other Financial Services. Vide Ord .....

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the total amount of CENVAT credit availed for the common input service along with interest and the same was repaid by challans, a copy of which is annexed at pages 9 to 16 of the paper-book. In this view of the matter, the whole input service credit was reversed relating to common input service. Therefore, there was no question of any tax payable under Rule 6(3) of the CENVAT Credit Rules, 2004. The learned Commissioner (Appeals) confirmed the demand alongwith penalty and interest relying on th .....

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t is further contended by the appellant that Division Bench of this Tribunal in the case of Nagar Urban Co-operative Bank Ltd. - 2014-TIOL-929-CESTAT-MUM, after considering the decision of this Tribunal in the case of Jost s Engineering Co. Ltd. Vs. Commissioner of Central Excise, Mumbai III 2013-TIOL-732-CESTAT-MUM and also the ruling of the Hon'ble Bombay High Court in the case of Nichlas Piramal (supra) has granted the stay in similar facts and circumstances, taking note that Rule 6(3) ha .....

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