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2012 (12) TMI 514 - AT - Service TaxBanking and other Financial services - Bank run by co-operative society - Demand of Service Tax - Held that:- Appellants contention that being a bank run by co-operative society, they would not be liable to pay Service Tax is not tenable and was not found favour with as relying on decision of M/s. Madhav Nagrik Sahkari Bank Ltd. vs. Commissioner of Central Excise, [2012 (3) TMI 283 - CESTAT, NEW DELHI] - demands accordingly confirmed. Simultaneous penalty u/s 76 & 78 - Held that:- As decided in CCE versus First Flight Courier Ltd. [2011 (1) TMI 52 - HIGH COURT OF PUNJAB AND HARYANA] that simultaneous penalties under section 76 and 78 are not warranted - while upholding the penalty u/s 76 and 77, set aside the penalty imposed u/s 78 of the Finance Act, 1994.
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