CESTAT Allows CENVAT Credit on Deposit Insurance Premium to Bank

Punjab National Bank Vs Commissioner of Central Excise & Service Tax (CESTAT Chandigarh) The CESTAT Chandigarh allowed the appeal filed by Punjab National Bank against the order dated 15.02.2018 of the Commissioner (Appeals), Ludhiana, which had upheld the lower authority’s order disallowing CENVAT credit of Rs.35,31,531 availed on insurance premium paid under the Deposit Insurance and Credit Guarantee Corporation Act, 1961. The appellant submitted that the issue stood settled by the Larger Bench decision in M/s South Indian Bank, a Principal Bench decision in the appellant’s o...