2025 (3) TMI 1321

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.... or of own volition by the assessee, is not enforceable by recourse to obligatory provisions of Finance Act, 1994, except when so appended as pleaded by the appellant, M/s Deposit Insurance and Credit Guarantee Corporation (DICGC), and that scope of remedy before the Tribunal under section 86 of Finance Act, 1994, being restricted only to recovery ordered under section 73 and section 83A of Finance Act, 1994, precludes jurisdiction to dispose off the appeal as espoused by Learned Authorised Representative, would not be consonant with the ends of justice and, not merely from lack of convergence of the two, it may be necessary to hearken back to the bizarre circumstances in which this dispute has turned up before us. 2. The manner in which....

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....'taxable service', that wended its way into audit report for the period from October 2011 to December 2013 as objection to subsuming of the tax amount within the total premium collected instead of being a charge on the premium approved by Reserve Bank of India (RBI) which is not. However, even that attained finality when differential tax liability of Rs. 118,64,34,956 arising therefrom, though initially resisted by the assessee, was, thereafter, acceded to and deposited vide two tranches on 12th January 2015 and 30th January 2015 along with interest of Rs. 39,64,81,068 with the first tranche. Thereafter, the issue lay dormant until application for claim of refund was filed, even as notice dated 27th May 2016 for demand of interest of Rs. 17....