Premature surrender of ULIPs is a transaction in an actionable claim, not a taxable service, even before July 1, 2012.

Pre-mature surrender/discontinuance of ULIP - the transaction in question is not a service at all but the transaction in a actionable claim hence could not have been by any stretch of imagination covered under any of the specified taxable heads of service even for the period prior to 01.07.2012 .....

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