https://www.taxtmi.com/caselaws?id=339923 The appeal by the Department challenging the setting aside of demand, interest, and penalty imposed on a non-banking finance company for claiming credit on service tax paid on insurance premiums was dismissed. The Member (Judicial) found that the insurance policy's primary purpose was to secure loans advanced by the respondent, not directly benefiting customers. As the insurance had a direct nexus with the respondent's financing activities, the credit for service tax paid on insurance premiums was deemed eligible. The decision to set aside the demand, interest, and penalty imposed on the respondent was upheld. en-us Mon, 06 Feb 2017 00:00:00 +0530 Tue, 05 Sep 2017 15:51:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=339923 The appeal by the Department challenging the setting aside of demand, interest, and penalty imposed on a non-banking finance company for claiming credit on service tax paid on insurance premiums was dismissed. The Member (Judicial) found that the insurance policy's primary purpose was to secure loans advanced by the respondent, not directly benefiting customers. As the insurance had a direct nexus with the respondent's financing activities, the credit for service tax paid on insurance premiums was deemed eligible. The decision to set aside the demand, interest, and penalty imposed on the respondent was upheld. Case-Laws Service Tax Mon, 06 Feb 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=339923