TATE LIFE INSURANCE CORPORATION OF PAKISTAN THROUGH DIVISIONAL HEAD versus COLLECTOR OF SALES TAX AND CENTRAL EXCISE
Section 89 Central Excise Act (I of 1944), the first Schedule Part II, Item 14 14 (as in the Finance Act (XXII of 1991)) was inserted and replaced with the Funding Act (XII of 1994) 9813 0000 ) Life insurance company The company is allowing its policy. Holders withdraw up to 90% of their paid premiums as the surrender value of their policies, such as the services provided or offered by the company in relation to advances and loans, and the obligation to pay excise duty under item 14 14 or Part II of the first Schedule to its Heading 9813 0000 Central Excise Act, 1944, such a transaction between the company and its policy holders was not identical to that of the bank and its customer, in the case of the bank, the user would After withdrawing the money, the bank was not obliged to return it nor was it liable to pay any markup to the bank while the insurer. In the case of a company, its policy holders of the company's policy of providing services to markup hold the company was obliged to return the money. They were in line with excise duty principles
Related judgments — Karachi High Court Sindh, 2010
