TMI Blog2018 (7) TMI 532X X X X Extracts X X X X X X X X Extracts X X X X ..... eliably exchanging financial information relating to Banking transactions - Held that:- During the relevant period, the issue whether an assessee is liable to pay service tax under reverse charge mechanism was under much litigation - This Tribunal in the case of Indian Overseas Bank Vs CST, Chennai, [2018 (7) TMI 513 - CESTAT CHENNAI] has considered the very same issue and set aside the penalties, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... us Nostro and Vostro accounts with foreign banks to help their customers dealing in Export and Import business and paying / collecting bank charges for such services. Further, they were utilising the services of SWIFT, Belgium, for securely and reliably exchanging financial information relating to Banking transactions. The department was of the view that these charges are subject to levy of servic ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ing for the appellant submitted that the appellant is not contesting the liability of service tax or the interest thereon. The contest in the present appeal is confined to the penalty imposed. He submitted that whether the appellants are liable to pay service tax on the Vostro and Nostro Accounts and also on the SWIFT charges was under doubt being interpretational issue. The appellants did not pay ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he Order-in-Original, the adjudicating authority has given reasons why no penalty should be imposed. The adjudicating authority has considered the whole issue as interpretative in nature and has waived the penalties by invoking Section 80 of the Act, ibid. After appreciating the facts, we are of the considered view that during the relevant period, the issue whether an assessee is liable to pay ser ..... X X X X Extracts X X X X X X X X Extracts X X X X
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