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2015 (4) TMI 171 - AT - Service TaxPenalty u/s 76, 77 & 78 - Invocation of Section 80 - Held that:- Reason which has been pleaded by the appellant before the first appellate authority as well as before us for short levy or non-levy of service tax is on account of liquidity crisis which got worse because of various Court petitions filed by their lenders and creditors. This particular plea has not been contraverted by the revenue in the Order-in-Original or the impugned order. In our considered view, the reason the appellant has given is justifiable reason for setting aside the penalty imposed on them; which the Adjudicating Authority has rightly done so by not imposing penalties under Section 76 & 77 of the Finance Act, 1994. We invoke the provisions of Section 80 of the Finance Act, 1994 and set aside the penalty imposed under Section 78 of the Finance Act, 1994 as upheld by the impugned order. - Decided in favour of assessee.
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