Commissioner of Central Excise Pune III Vs Bajaj Allianz General Insurance Company Ltd (Supreme Court)
The question before the learned Customs, Excise & Service Tax Appellate Tribunal [for short ‘the Tribunal’] was whether the service tax was payable on a premium in terms of the insurance policy covering the future period at revised rates, if the rates are revised by law during the operation of policy already issued and service tax liability is discharged.
The learned Tribunal, by a detailed judgment and order, and considering the fact that the entire premium was paid prior to 10.09.2004 i.e. before the change in the rate of tax, has rightly observed and held that the assessee is not liable to pay the enhanced rate of tax.
We are in complete agreement with the view taken by the Tribunal.
The Appeal stands dismissed
The Appeal stands dismissed in terms of the signed order. Pending applications, if any, stand disposed of.
