Thursday, June 28, 2018

No Service Tax on Surrender Charges on ULIP since these are in the nature of ‘Penalty’ or Liquidated Damages: CESTAT [Read Order]

The Mumbai Bench of Customs, Excise and Service Tax Appellate Tribunal ( CESTAT ) in the case of Reliance Life Insurance Co. Ltd. v. Commissioner of Service Tax allowing the appeal by the assessee held that surrender charges are either in the nature of ‘penalty’ or liquidated damages or a combination of both and hence […]

The post No Service Tax on Surrender Charges on ULIP since these are in the nature of ‘Penalty’ or Liquidated Damages: CESTAT [Read Order] appeared first on Taxscan | Simplifying Tax Laws.



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