TMI Blog2014 (8) TMI 298X X X X Extracts X X X X X X X X Extracts X X X X ..... ation and the reinsurance is coterminous with the insurance policy, stand taken by the Revenue that the transfer of a portion of the risk to the reinsurer which is all the reinsurance means has to be considered as having a nexus with the output service namely provision of insurance to the customers - percentage of insurance to be reinsured is directly connected to the premium collected from the pe ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... decided at this stage itself. Since both sides had no objection, requirement of predeposit is waived and matter is taken up for final decision. 2. The appellant is engaged and licensed to carry out life insurance business. The appellant had procured reinsurance service from over-seas companies and had availed CENVAT credit of service tax paid on such services received by them. In the impugned ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ilment of CENVAT credit by the appellant is in order. 4. The learned A.R. would reiterate the arguments advanced by the learned Commissioner in the order-in-original. 5. We have considered the submissions made by both sides. According to Section 101A of the Insurance Act 1938, every insurer shall insure with Indian reinsurers, such percentage of sum assured on each policy as may be specified ..... X X X X Extracts X X X X X X X X Extracts X X X X
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