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2010 (12) TMI 417 - CESTAT, NEW DELHIPenalty - Tax liability - "Banking and other Financial Services" as "Merchant Banking Services" - Postponement of liability - Incidence of levy under aforesaid category fastened liability on the appellant from 19-4-2006 by Notification No. 10/2006-ST dated 19-4-2006 - The liability that has been incurred by the appellant is for the period soon after two months of the Implementation of the law - it is a case where there is no mala fides of the appellant apparent from the face of adjudication order - On 8-9-2007 the appellant paid the tax due through TR-6 challan which is evident from page 22 of the appeal folder containing show cause notice - Sections 76 and 78 being subject to benediction of section 80 of Finance Act, 1994, in absence of mala fide of the appellant levy of penalty is unwarranted - Thus, the appellant succeeds and its appeal is allowed, setting aside the impugned order confirming tax liability.
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