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2013 (12) TMI 966 - AT - Service TaxWaiver of pre deposit - Insurance premium paid by the lender - Reverse charge mechanism - Held that:- While waiving the penalty on the applicants the learned Commissioner have invoked Section 80 of the Finance Act which provides waiver of penalty in case the assessee proves that there was reasonable cause for the said failure. There are several decisions of this tribunal e.g. in the case of Solitz corporation vs commissioner of Service Tax, New Delhi – (2008 (10) TMI 35 - CESTAT NEW DELHI), M.P. Water & Power Management Institute vs CCE Bhopal – [2009 (1) TMI 17 - CESTAT NEW DELHI) and Indian Petrochemicals Corpn. Ltd. vs. CCE Vadodara – (2008 (4) TMI 651 - CESTAT, AHMEDABAD) wherein this Tribunal has held that when a penalty by invoking Section 80 of the Finance Act, 1994 has been dropped the extended period of limitation is not invokable - Prima facie the applicant has made out a case for waiver of entire demand of dues adjudged in the impugned order. - stay granted.
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