TMI Blog2017 (3) TMI 426X X X X Extracts X X X X X X X X Extracts X X X X ..... a pure agent - Held that: - On perusal of the master policy which is furnished as part of the records, it is found that in one such master policy more than 20,000 members have been enrolled - the intention is to secure the loans advanced by the respondent - the credit of the service tax paid on the insurance premium, is eligible for credit, for the reason that it has direct nexus with the output s ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... cted the respondents had paid insurance premium and availed credit of the service tax paid on such insurance premium. The insurance was a group insurance intended to secure the loan advanced to the customers. The department entertained the view, that respondent is not eligible to take credit of the service tax paid on insurance premium for the reason that the insurance is for the benefit of the cu ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... behalf of the respondent, the Ld. Consultant Shri. Purushothaman assisted by Shri. Shankar Raman explained the nature of the policy. They adverted to the specimen of the policy and submitted that it is a group insurance/master policy. One such policy covers more than 20,000 members. It is intended to secure the loan advance. In case the person who has taken the loan dies the insurance company wou ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... or insurance premium. That the respondent has rightly availed credit. 5. I have heard the submissions made before me. On perusal of the master policy which is furnished as part of the records, [ find that in one such master policy more than 20,000 members have been enrolled. Further taking note of the conditions of the scheme of the policy I am convinced that the intention is to secure the loa ..... X X X X Extracts X X X X X X X X Extracts X X X X
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