2007 (6) TMI 534

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....r the Appellant. Smt. R. Bhagya Devi, SDR, for the Respondent. ORDER [Order per : P.G. Chacko, Member (J)]. - In the impugned order ld. Commissioner confirmed a demand of service tax of over Rs. 1.4 crores against the appellants under Section 73(1) of the Finance Act, 1994 along with interest on tax under Section 75 of the Act. He also imposed penalties on them under Sections 76 and 78 of....

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.... Section 65(55) of the Finance Act, 1994. Section 65(56) of the Act lists out the persons coming within the definition of "intermediary or insurance intermediary". Reinsurance brokers also have come to be listed under Section 65(56) as "intermediary or insurance intermediary". The Commissioner classified the appellants as "reinsurance brokers" within the meaning of Regulation 2(m) of the IRDA (Ins....

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.... appellants could be subjected to levy of service tax from 1-5-2006 if it was shown by the Revenue that the transaction involved export of service. But it is the definite case of the appellants, reiterated by the ld. Counsel, that, prior to 1-5-2006, their service was not exigible to service tax. Ld. SDR reiterates the findings of the Commissioner and opposes the application for waiver and stay. ....

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....n Indian currency. The question which now arises for consideration is whether the service, designated as "Insurance Auxiliary Service", was exported by them. In the Board's Circular cited by the ld. Counsel, it was clarified that, even after rescission of Notification No. 6/99-ST, export of service, otherwise taxable under the Finance Act, would be exempt from such tax. After a perusal of the Boar....