Held - As noted, in case of PNB Metlife (supra) which judgment has been accepted by the department, the High Court has held that the service tax paid on re-insurance would be allowable as input service under the CENVAT Credit Rules, 2004.

In the present case, we are concerned with such re-insurance being pooled through a mechanism provided by IRDA. These directives had statutory force and the act of the insurance companies to create such.....

Held - It now remains to be examined whether the Appellant is eligible to avail CENVAT credit of re-insurance service provided by pool member companies under the Insurance Pool. In the first instance, the finding in the impugned order that the Appellant is not eligible for CENVAT credit of service tax paid under the Insurance Pool since the Appellant has not actually paid any amount to the member companies is beyond the scope of the show cause.....