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TMI Blog2025 (1) TMI 677X X X X Extracts X X X X X X X X Extracts X X X X ..... ived by the banks from the Deposit Insurance Corporation can be availed by the banks for rendering output services .' Appeal allowed. - HON BLE MR. S. S. GARG , MEMBER ( JUDICIAL ) And HON BLE MR. P. ANJANI KUMAR , MEMBER ( TECHNICAL ) None for the Appellant Shri Aneesh Dewan and Shri Narinder Singh , Authorized Representatives for the Respondent ORDER S.S. GARG : The present appeal is directed against the impugned order dated 11.08.2016 passed by the Commissioner of Central Excise, Chandigarh-II, whereby the learned Commissioner has confirmed the demand. Since there were conflicting decisions of the Division Benches of the Tribunal on the issue as to whether a banking company would be entitled to avail CENVAT Credit of service tax pa ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... services and providing services, the practice/procedure and the provisions of law had rendered the view on the entitlement of assessee for availing the credit. We are in full agreement with the view of the larger bench in all fours. 13. The argument of Mr. Sreelal Warrier disjuncts allied services provided by the assessee under one umbrella and expands the meaning of 'extending' as including activities related to acceptance of deposits and consequential assurance or services provided by the bank. Such construction not only cause violence to the clear expression but would act contrary to the intended expressions in Section 66D. 14. It can be construed from a plain reading of section 66D that the negative list is compiled of the servi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... reasons has been held by the larger bench as follows: The insurance service provided by the Deposit Insurance Corporation to the banks is an input service and CENVAT Credit of service tax paid for this service received by the banks from the Deposit Insurance Corporation can be availed by the banks for rendering output services . 15. The substantial questions raised are not tenable, and the findings recorded by the larger bench have already considered these issues. Two questions argued before this Court are answered against the Revenue and in favour of the assessee. Hence C.E. Appeal No.1 of 2021 is dismissed. For the view taken in the preceding paras, the questions raised in the appeals are answered against the revenue and in favour of the ..... X X X X Extracts X X X X X X X X Extracts X X X X
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