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Service tax liability in respect of general insurance premium - The Tribunal agreed with the appellant that service tax should be calculated based on the rates effective at the time of risk assumption (receipt of premium), not the dates on which the payments were processed. They found the Commissioner’s method, which applied new rates retroactively, to be incorrect. - Regarding the Extended Period of Limitation: The Tribunal held that the show cause notice was time-barred as it did not specify grounds for invoking the extended period of limitation. They noted a lack of evidence for wilful misstatement or suppression of facts by the appellant.
Service tax liability in respect of general insurance premium - The Tribunal agreed with the appellant that service tax should be calculated based on the rates effective at the time of risk assumption (receipt of premium), not the dates on which the payments were processed. They found the Commissioner’s method, which applied new rates retroactively, to be incorrect. - Regarding the Extended Period of Limitation: The Tribunal held that the show cause notice was time-barred as it did not specify grounds for invoking the extended period of limitation. They noted a lack of evidence for wilful misstatement or suppression of facts by the appellant.
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