2018 (3) TMI 1248

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....ments in terms of Rule 9 (2) of Cenvat Credit Rules, 2004.    2. The facts of the case are that the appellant is a banking company and is engaged in the service of Banking and Financial services. The appellant insured the deposits made by various partiesto them and on that insurance charges, the head office paid the service tax which was distributed to the appellant. The same was sought to be denied on the ground that insurance of deposit is not an input service for the appellant and the appellant has not produced duty paying documents enabling them to avail cenvat credit. The matter was adjudicated and both the authorities have denied the cenvat credit to the appellant. Against the said order, the appellant is before me. &nbsp....

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....al in the case of DCB Bank Ltd. (supra) wherein this Tribunal has observed as under:    "4. The contention of the appellant has force since no banker will prefer to take risks against financial services provided. There is certain amount of risk against lending which is made out of deposits received from depositors. Therefore, taking insurance to protect interest of the bank being integrally connected with the business of banking, Cenvat credit of service tax paid claimed is allowable. Accordingly appeal is allowed."  Therefore, I hold that appellants are entitled to avail cenvat credit on insurance of deposits.    7. In the next issue raised by the Revenue is that appellant has not produced relevant documents ....

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....lease find attach a copy of the letter dated 02/01/2014 of DICCC, Mumbai having receipt of deposit insurance prémium Rs.178,50,01,986/- and Service Tax Rs 22,06,26,245 / for the Hall year ending 31-March-2014 from our bank Format having detail of input service provider is also attached herewith. You are requested to credit Cenvat for Rs. 1462558 to our Non customer Account 0144003171160 Please keep these documents at yours for audit purpose: Chief Manager, डल. MAR 14 डाक प्र प्रक https://10:192.24.41/owa/?ae-Item&t-IPM.Note&id-RgAAAADZQxOwN7%2bDTJeNiidc3aQDBwBgRuSKJ...3/3/2014 Document 2 INAME OF ASSESSEE Whether an individual or pro....