TMI Blog2012 (9) TMI 772X X X X Extracts X X X X X X X X Extracts X X X X ..... ovided by an assessee, he can make adjustment of the excess tax paid in the succeeding period. That rationale would be defeated if the condition of refund is insisted to be satisfied only in a particular manner. The Rule itself does not provide for particular manner of refund and if it is a common industry practice to give refund by way of credits for any particular industry, there would be no harm in allowing refund by adopting such widely accepted industry practice. What is required to be verified is that either by credit or by cheque the appellants have refunded the amounts, for which they should make available their books of account/computerized records or statements as may be required by the adjudicating Commissioner. There should ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... paid in the previous period was not provided. 2.1 The Ld. Advocate appearing for the appellants states that the appellants are in the 'General Insurance' business and there are a large number of transactions on monthly basis. There are many instances where the service is not provided on account of subsequent cancellation of insurance policies, even though the tax in respect of such policies has already been paid by the appellants. In such cases, the appellants return the value of service plus service tax by way of cheque in respect of individuals, but maintain an account for each one of the corporate clients to whom the refund is made by way of credit entries. He further states that for subsequent period under adjudication by the Comm ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ct that the service tax has been paid on total premium received inclusive of amounts refunded and that the amounts refunded have actually been received by the clients of the appellants. 4. After considering the arguments from both sides, we find that the impugned orders have been passed by the adjudicating Commissioner in the absence of transaction-wise details of service tax amount paid and amounts refunded, which have been produced before the Tribunal today. These are required to be gone into to satisfy that the credits have been actually made in respect of the clients who were required to be refunded the insurance premiums as well as service tax on the same. The adjudicating Commissioner has also taken objection to the fact that the ..... X X X X Extracts X X X X X X X X Extracts X X X X
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