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2019 (8) TMI 1451 - AT - Service TaxCENVAT Credit - input services - “Term Insurance Policy” on the life of the Managing Director - whether these policies are taken by the appellant company, which is the Policy Holder in the policy in question, and whether the policy was taken in respect of “Keyman-person‟? - HELD THAT:- It is clearly mentioned in the policy documents, that the benefit under the policy in question is payable to the policy holder – appellant company. Nomination is generally required to get benefit of the policy. Where the policy holder is a company under the Company Act, (having perpetual existence) in such cases, no nomination is required. Thus, the Court Below was in error in imposing demand along with interest under Section 75 ibid and holding that the appellant company is not the beneficiary in the policy. The appellant is entitled to benefit of cenvat credit under Rule 2 (l) of Cenvat Credit Rules on the Keyman Insurance - appeal allowed - decided in favor of appellant.
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