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2023 (12) TMI 181 - AT - Service TaxCENVAT Credit - input services - Life Insurance Service and Management of Investment under ULIP Plan services - providing both taxable services and exempted services without maintaining separate records - HELD THAT:- The Tribunal in the case of HDFC STANDARD LIFE INSURANCE CO LTD AND BIRLA SUN LIFE INSURANCE COMPANY LTD VERSUS COMMISSIONER OF CENTRAL EXCISE MUMBAI [2020 (10) TMI 578 - CESTAT MUMBAI]; followed subsequently in the case of LIFE INSURANCE CORPORATION OF INDIA VERSUS COMMISSIONER OF CENTRAL EXCISE MUMBAI – II [2020 (10) TMI 580 - CESTAT MUMBAI] expresses the same view observing that the portion of the premium earmarked for savings(investment) is not an exempted service. Thus, it can safely be concluded that since no other service is provided by the appellant except life insurance service, a part of the premium collected towards savings(investment), cannot be considered as an ‘exempted service’ and demand of 6% of the value of the premium attributable to other than risk coverage be confirmed under Rule 6(3(i) of CENVAT Credit Rule, 2004. The impugned orders are set aside - Appeal allowed.
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