Held - From application of the definition of ‘exempted services’ in rule 2 (e) of CENVAT Credit Rules, 2004, as determined in these several decisions supra to the facts leading to the impugned order, we have no doubt that the amendments in section 65 (105) of Finance Act, 1994 in relation to ‘endowment policies’ and ‘unit linked insurance plan (ULIP) policies’ cannot be held to have established ‘exempted services’ warranting an.....

Held - In the instant case, on perusal of the finding made by the Ld. Commissioner (in para 21 of the impugned order), we find that credit has been denied solely on the premise that the insurance service (for sale of ULIP policies) is exempted service, since no service tax is paid on the premium pertaining to the investment component. In our view, the Ld. Commissioner committed a fundamental error in assuming that the sale of ULIP policy by th.....

Held - It has been held that the main part of the definition of ‘exempted service’ in rule 2( e) of CENVAT Credit Rules, 2004 clearly refers only to such taxable service as are exempt from the whole of the tax and, being fenced in by the definition of taxable services enumerated, for the disputed period, within section 65(105) of Finance Act, 1994, is not amenable to coverage of any service that is yet to be taxable. In consequence, it has.....