2020 (3) TMI 742

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....the provisions of Section 142(9) of the CGST Act read with the provisions of Cenvat Credit Rules, 2004. 2. The admitted facts are that the appellant is a banking company providing services mainly "Banking and other Financial Services". They are assessed to service tax for last several years. Appellant for the period 01.04.2017 to 30.06.2017, filed their ST-3 return wherein they have shown cenvat credit taken Rs. 5,34,059/- and subsequently as liable they filed ST-3 return wherein cenvat credit taken was shown at Rs. 10,51,663/-. From 01.07.2017, Service Tax and Central Excise duty was replaced by CGST and SGST Act. It was further provided by way of transitional provision that an assessee shall be entitled for continuation of service tax cr....

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....edit has been taken issued before one year of taking cenvat credit hence violated provisions of Rules 4(1) and (7) of Cenvat Credit Rules, 2004 and for rest of documents against which cenvat credit has been taken are improper or not specified documents, hence violated provisions of Rule 9 of Cenvat Credit Rules, 2004. 11. I also find that the claimant has filed refund claim without having provisions in the existing law i.e. Rule 5 of Cenvat Credit Rules, 2004 read with section of 142(9) (b) of CGST Act, 2017, hence liable to be rejected under Section 11-B of the Central Excise Act, 1944. 12. In view of the above the refund claim of Rs. 5,17,604/- filed by M/s Punjab National Bank Circle Office, Vatsal Mansion, City Center, Gwalior (M.....