CUSTOMS, EXCISE & SERVICE TAX APPELLATE TRIBUNAL MUMBAI WEST ZONAL BENCH Service Tax Appeal No. 86164 OF 2020 (Arising out of Order-in-Appeal No. CKJ/GST/A-I/MUM/55-56/20-21 dated 21.08.2020 passed by the Commissioner(Appeals-I), GST &

CX, Mumbai)

Bank of India Investment Managers Pvt. …..Appellant Ltd.

B/204, Tower 1, Peninsula Corporate Park, Mumbai VERSUS Commissioner of CGST & Central Excise, …..Respondent Mumbai Central

4th Floor, C.Excise Bldg.

Churchgate, Mumbai WITH Service Tax Appeal No. 86165 OF 2020 (Arising out of Order-in-Appeal No. CKJ/GST/A-I/MUM/55-56/20-21 dated 21.08.2020 passed by the Commissioner(Appeals-I), GST &

CX, Mumbai)

Bank of India Investment Managers Pvt. …..Appellant Ltd.

B/204, Tower 1, Peninsula Corporate Park, Mumbai VERSUS Commissioner of CGST & Central Excise, …..Respondent Mumbai Central

4^th Floor, C.Excise Bldg.

Churchgate, Mumbai APPEARANCE:

Shri Kevin Gogari, Advocate for the appellant Shri S B P Sinha, Superintendent (AR) for the respondent CORAM:

HON’BLE MR. AJAY SHARMA, MEMBER (JUDICIAL)

FINAL ORDER No: 85382-85383/2026 DATE OF HEARING : 29.01.2026 DATE OF DECISION : 25.02.2026 Per: AJAY SHARMA These appeals are directed challenging the Orders-in-

appeal dated 21.8.2020 whereby the Commissioner (Appeals) rejected the appeals filed by the Appellant and upheld the denial of cash refunds of accumulated credit pertaining to Education Cess (EC), Secondary and Higher Education Cess (SHEC) and Krishi Kalyan Cess (KKC).

2. The issue for determination is whether under Section 140 & 142 of CGST Act, 2017, the appellant is entitled for refund of accumulated credit of Education Cess (EC), Secondary and Higher Education Cess (SHEC) and Krishi Kalyan Cess (KKC) paid on input services and lying un-utilised as on 30.6.2017?

3. The appellants were providing Banking and other Financial Services amongst other financial services. In the month of June, 2018, they filed two refund claims viz. Rs.15,78,680/- towards Education Cess and Secondary & Higher Education Cess; and Rs. 1,55,987/- in respect of Krishi Kalyan Cess lying in balance as on 30.6.2017 pertaining to the period April, 2017 to June, 2017. Initially they attempted transition of the said credit into GST Tran-1 however being unsuccessful they filed the refund applications u/s. 54 of CGST, 2017 Act r/w. Rule 89 of CGST Rules, 2017 on 29.6.2018 and also u/s. 11B of Central Excise Act, 1944 r/w. Section 83 of the Finance Act, 1994. The Adjudicating Authority vide two Orders-in-Original dated 26.6.2019 and 25.7.2019 respectively rejected the refund claims by observing that Rule 5 of Cenvat Credit Rules, 2004 permits refund of unutilized credit in cases of export of services and Section 140(1) of CGST Act, 2017 does not permit credit of Education Cess, Secondary & Higher Education Cess and Krishi Kalyan Cess into GST regime.

4. The appeals filed by the appellants against the aforesaid orders were dismissed by learned Commissioner (Appeals), leading to the filing of instant appeals.

5. Learned counsel for the appellant submits that the appellant was entitled to carry forward and transition the credit of cesses lying in balance as on 30.6.2017 to electronic credit ledger under GST and in circumstances where the credit could not be utilised beyond the control of assessee then settled legal position entitle the assessee to claim cash refund of the unutilized credit balance. In support of submissions learned counsel placed on record certain case laws including the decision in Slovak India Trading Co. Ltd. vs. UOI; 2006(201) ELT 559 (Kar.) and submitted that the Special Leave Petition filed by Revenue challenging the said decision before the Hon’ble Supreme Court in UOI vs. Slovak India Trading Co.Ltd.; 2008 (223) ELT A170 (SC) was dismissed therefore the said decision of this Tribunal attained finality.

6. Per contra learned Authorised Representative appearing on behalf of revenue prayed for dismissal of appeals and in support placed on record a recent decision of the Larg