https://www.taxtmi.com/caselaws?id=384778 The Tribunal held that surrender charges deducted from ULIP policies are not subject to service tax as they are for contract termination, not for investment management. The Tribunal clarified that service tax is leviable only on management fees fixed by IRDA or actually levied by the insurer, effective from 01.07.2010. The extended period of limitation was deemed unjustified due to the long-standing practice of imposing surrender charges known to the department. The appeal was allowed, setting aside the impugned order and granting the appellant consequential benefits. en-us Wed, 21 Aug 2019 00:00:00 +0530 Fri, 30 Oct 2020 13:03:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=384778 The Tribunal held that surrender charges deducted from ULIP policies are not subject to service tax as they are for contract termination, not for investment management. The Tribunal clarified that service tax is leviable only on management fees fixed by IRDA or actually levied by the insurer, effective from 01.07.2010. The extended period of limitation was deemed unjustified due to the long-standing practice of imposing surrender charges known to the department. The appeal was allowed, setting aside the impugned order and granting the appellant consequential benefits. Case-Laws Service Tax Wed, 21 Aug 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=384778