https://www.taxtmi.com/caselaws?id=375241 Surrender/discontinuance charges collected on premature surrender of ULIP policies were held not to be consideration for a taxable service, because the amount arose from the policyholder's contractual right to receive surrender value and related to an actionable claim rather than a service. Interest was held payable on the short-debited CENVAT-linked amount until actual debit, although penalty was not imposed. The demand relating to other income was sustained with interest, but the related penalty was set aside. Rule 6 relief was denied to the Revenue, as ULIP management remained a taxable service and partial non-taxation did not convert the value into exempt service. en-us Fri, 08 Feb 2019 00:00:00 +0530 Fri, 07 Feb 2020 13:18:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=375241 Surrender/discontinuance charges collected on premature surrender of ULIP policies were held not to be consideration for a taxable service, because the amount arose from the policyholder's contractual right to receive surrender value and related to an actionable claim rather than a service. Interest was held payable on the short-debited CENVAT-linked amount until actual debit, although penalty was not imposed. The demand relating to other income was sustained with interest, but the related penalty was set aside. Rule 6 relief was denied to the Revenue, as ULIP management remained a taxable service and partial non-taxation did not convert the value into exempt service. Case-Laws Service Tax Fri, 08 Feb 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=375241