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2015 (5) TMI 174 - AT - Service TaxDischarge of the service tax liability under reverse charge mechanism - Banking and other Financial Services - Penalty u/s 78 - Held that:- If the assessee discharges the service tax and interest liability on his own ascertainment or on being pointed out by the Central Excise Officers, no show-cause notice is required to be issued as per provisions of Section 73(3) of the Finance Act, 1994. We also find that the appellant could have entertained a bonafide belief that such funds which are raised under ECB and amount paid by them to the foreign bank, may not be covered under the tax net. In our considered view, this is a fit case for invoking provisions of Section 80 of the Finance Act, 1994. We set aside the penalty imposed by the lower authorities by invoking the provisions of Section 80 of the Finance Act, 1994. - Decided against Revenue.
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