2019 (8) TMI 1451

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.... Shri K. Poddar, Authorised Representative for the respondent JUDGMENT Anil Choudhary, Heard the parties. 2. The issue in this appeal is whether the cenvat credit taken by the appellant company on the "Term Insurance Policy" on the life of the Managing Director-Shri Ajay Singhal, is rightly taken, and for determining whether these policies are taken by the appellant company, which is t....

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....dated 30.11.2017, the Asstt. Commissioner has disallowed the cenvat credit observing that the insurance policy in question is on the life of Shri Ajay Singhal-Managing Director of the Company. Further, taking notice of the case laws cited by the appellant in the case of M/s. Anjani Portland Cements Ltd. - 2016 (12) TMI 212 - CESTAT- Hyderabad, wherein it has been held that Keyman Insurance Policy ....

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....ed order was pleased to reject the appeal, it was observed that, had there been any intention of benefitting the firm from such policies, the appellants company would have been the nominee in such policies. 6. Being aggrieved, the appellant is before this Tribunal. 7. Ld. Counsel states that it is mentioned in the benefit column of the Policy, that the benefit under the policy shall accrue on ....

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....enefit clause read harmoniously, it follows, "the benefit under this policy is payable to the appellant company, being the policy holder. Thus, the court below erred in observing that the appellant company did not appear as nominee, thus is not the beneficiary. Accordingly, he prays for allowing their appeal. 8. Ld. Authorised Representative relied upon the impugned orders. 9. Having conside....