TMI Blog2018 (3) TMI 195X X X X Extracts X X X X X X X X Extracts X X X X ..... ness), a person who possesses a Certificate of Practice issued by the Actuarial Society of India - Surely, the appellant does not possess any of these qualifications nor they have been appointed or registered as actuary. This being so, the main plank of the SCN cannot survive - appeal allowed - decided in favor of appellant. - Appeal No. ST/449/2010 - Final Order No. 40546 / 2018 - Dated:- 26-2-2018 - Ms. Sulekha Beevi C.S. Member (Judicial) And Shri Madhu Mohan Damodhar, Member (Technical) Shri S. Durairaj, Advocate For the Appellant Shri S. Govindarajan, AC (AR) For the Respondent ORDER Per Bench The facts of the case are that Sree Sarambal Automobiles (P) Ltd., the appellants herein, are holders of service tax r ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nance Act, 1994. (ii) The definition of Actuary is given in Section 65 as follows : actuary has the meaning assigned to it in clause (1) of Section 2 of the Insurance Act, 1938 (4 of 1938) (iii) Further, it is clear that Section 2 (1) of the Insurance Act, 1938 defines that actuary means an actuary as defined in clause (a) of sub-section (1) of section 2 of the Actuaries Act, 2006. For functioning as an Actuary a person has to be a fellow member of the Actuarial Society of India. In the present case, the appellants were not actuaries under the Insurance Act. (iv) Further, the appellants are not soliciting insurance for the vehicles sold by them from their customers for on behalf of insurance companies. There is no comp ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... y incentives for the said activities. 5. The SCN has alleged that these activities of the appellant will bring them within the fold of actuary and hence they are required to pay service tax under the Insurance Auxiliary Service . From the statutory provisions and requirements, for becoming an actuary, we find that appellants have to fulfil requirements mandated in the Insurance Act, 1938 read with the Actuaries Act, 2006. Further from page 29 of the compilation submitted by the Ld. Advocate containing Insurance Regularity and Development Authority (Appointed Actuary) Regulations, 2000, we find that insurer registered to carry on insurance business cannot carry on such business without an appointed actuary . Such actuary has to be, inter ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
