2023 (1) TMI 933

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.... Chartered Accountant for the Appellant Shri Harshvardhan, Authorised Representative of the Respondent ORDER This appeal is directed against the order dated November 27, 2015 passed by the Principal Commissioner of Service Tax, Delhi-I [the Principal Commissioner] confirming the demand of inadmissible CENVAT credit availed in respect of deposit insurance service under section 73(2) o....

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.... deposits. Since the activity of acceptance of deposits is not a 'service' as defined in Section 65(B)(44) of the Finance Act 1994. Subsequently also it cannot be treated as a 'output service' as per rule 2(p) of CCR 2004 as amended we.f. 01.07.2012 (vide Notification No. 28/2012-CE(NT) dated 20.06.2012. Prior to the said amendment, only taxable service could qualify as output serv....

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.... service received by the banks from the Deposit Insurance Corporation can be availed by the banks for rendering "output services‟." 5. The Bombay High Court in Bank of Maharashtra vs Commissioner of CGST & Central Excise, Pune-II [2020 (42) GSTL 491 (Bom.)], in view of the decision tendered by the Larger Bench of the Tribunal in South Indian Bank, set aside the impugned order and remanded....