Pre-amendment reassessment limitation bars late notices under the preserved regime, invalidating consequential reassessment for affected earlier asses...
Cash-sales explanations for bank deposits require documentary reconciliation; reassessment notice survived where effective response time was available...
Functional comparability in transfer pricing prevents ad hoc arm's length adjustments where functions, assets, risks and reliable comparables are unes...
The Tribunal, after examining relevant provisions, held that the insurance service provided by the Deposit Insurance Corporation to banks is an 'input service', and banks can avail CENVAT credit of service tax paid for this service for rendering 'output services'. The Larger Bench affirmed this view, and the Kerala High Court upheld the Tribunal's decision, which attained finality. Another Larger Bench in Bank of America case also affirmed this view. The Tribunal found no violation of Rules 4(7) and 9(1) by the appellant in availing CENVAT credit before invoice issuance. Registration with DICGC is compulsory for banks, and payment of insurance premium is integral to providing banking services, entitling banks to avail CENVAT credit. Accordingly, the impugned orders were set aside, and the appellant's appeals were allowed.
The Tribunal, after examining relevant provisions, held that the insurance service provided by the Deposit Insurance Corporation to banks is an 'input service', and banks can avail CENVAT credit of service tax paid for this service for rendering 'output services'. The Larger Bench affirmed this view, and the Kerala High Court upheld the Tribunal's decision, which attained finality. Another Larger Bench in Bank of America case also affirmed this view. The Tribunal found no violation of Rules 4(7) and 9(1) by the appellant in availing CENVAT credit before invoice issuance. Registration with DICGC is compulsory for banks, and payment of insurance premium is integral to providing banking services, entitling banks to avail CENVAT credit. Accordingly, the impugned orders were set aside, and the appellant's appeals were allowed.
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