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TMI Blog2024 (7) TMI 1001X X X X Extracts X X X X X X X X Extracts X X X X ..... X-CALICUT [ 2020 (6) TMI 278 - CESTAT BANGALORE - LB] to resolve whether the banks can avail Cenvat Credit of Service Tax paid by the banks for the service provided by the Deposit Insurance and Credit Guarantee Corporation. The Larger Bench of the Tribunal examined at length the provisions of the Finance Act, Cenvat Credit Rules, the Deposit Insurance Act and the Regulations and it also considered the decision of the Hon'ble High Court of Karnataka in the matter of THE COMMISSIONER OF CENTRAL EXCISE SERVICE TAX CUSTOMS, BANGALORE (ADJUDICATION) , THE COMMISSIONER OF SERVICE TAX VERSUS M/S. PNB METLIFE INDIA INSURANCE CO. LTD. [ 2015 (5) TMI 68 - KARNATAKA HIGH COURT] . After examining, the Larger Bench of the Tribunal in South Indian Ba ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nuary 2014 to March 2015 Show-cause notice 27.05.2014 17.02.2015 24.09.2015 Order-in-Original 13.05.2015 29.01.2016 Denial of Cenvat Credit confirmed in the order -in- original Rs.30,10,85,994/- Rs.19,52,05,647/- Demand of interest u/s. 75 of the FA,1994 u/s. 75 of the FA, 1994 Penalty imposed Rs. 3,00,00,000 u/r 15(1) of CCR, 2004 Rs. 1,95,20,564/- u/r 15(1) of CCR, 2004 3. It is relevant to mention here that out of the two appeals herein, the Appeal No. ST/86237/2015 has been dismissed earlier by this Tribunal vide order dated 12.02.2019. The same was challenged by the appellant before the Hon'ble High Court of Judicature at Bombay being Central Excise Appeal no. 183 of 2019 and the Hon'ble High Court vide order dated 26.11.2020 s ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... utput service for providing an output service and so once this falls in the main definition of input service it would not be necessary to examine whether the service would be covered by the inclusive part of the definition. The Larger Bench also observed that the aforesaid service was not excluded from the definition of input service. The contention of the department, that accepting of deposits is specified under section 66D(n) of the Finance Act, 1994 in the negative list of services, was also not accepted by the Larger Bench. The Larger Bench of the Tribunal vide interim order dated 20.03.2020 answered the reference in South Indian Bank (supra) as following:- 65. The reference is, accordingly, answered in the following terms: The insuranc ..... X X X X Extracts X X X X X X X X Extracts X X X X
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