2023 (12) TMI 435

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....K. JYOTISHI , MEMBER ( TECHNICAL ) Shri S. Ananthan , CA for the Appellant Shri V Srikant Rao , Authorised Representative for the Respondent ORDER [ ORDER PER : BENCH ] The issue involved in this appeal is whether the appellant - a bank, have rightly taken Cenvat Credit of the Insurance Premium paid to Deposit Insurance & Credit Guarantee Corporation (DICGC). 2. The appellant And....

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....ia is governed by the provisions of Banking Regulations Act, 1949 (BR Act). A Bank can carry on business of Banking only after obtaining a Banking license from the Reserve Bank of India. The Deposit Insurance & Credit Guarantee Corporation (DICGC) was formed by a Central Act called The Deposit Insurance & Credit Guarantee Corporation Act, 1961 (DICGC Act). The said Acts provides for various regula....

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....posit. The services of accepting the deposits and lending are liable to service tax. Only the consideration in the form of interest is not liable to service tax. The bank has paid service tax on various charges relating to acceptance of deposits and lending. The appellant bank therefore availed the Cenvat Credit of the Service Tax paid on the insurance premium paid to DICGC. 4. Show Cause Notic....

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....,685 Aggrieved by this, the appellant is before this Tribunal. 6. Heard the parties. We find that the issue is no longer res-integra and the same have been adjudicated by the Hon'ble Kerala High Court in C.E.Appeal No. 1 of 2021 along with other appeals and vide Judgment dated 05.12.2022 the High Court relying on the ruling of Larger Bench of this Tribunal in South Indian Bank being Final Or....