2012 (12) TMI 358

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.... 1. This is a stay application filed by M/s. SBI Capital Market Limited seeking waiver of pre-deposit and stay of recovery of Rs. 3,78,308/- along with interest and equal amount of penalty imposed on them. 2. The issue involved in these appeal is eligibility of the CENVAT Credit in respect of services including Real Estate, Insurance Service, Outdoor Catering Services, Staff Welfare, Managemen....

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....ng public relations for providing output service. Therefore event management service is covered in the input services under the Cenvat Credit Rules. They have also provided the insurance services for directly recruited managerial staff as per their policy. He also enclosed the sample copies of this insurance policies in this regard. Similarly Staff Welfare Expenses have been incurred on the expend....

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....ve any relation directly or indirectly with output service. Therefore, lower authorities rightly denied the Cenvat Credit and imposed penalty. 5. After hearing both sides. I find that credit has been denied to them holding that there is no nexus between the input services and the output services. The input service has been defined under Rule 2 of the CENVAT Credit Rules, 2004. These services in....