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2008 (12) TMI 133 - CESTAT NEW DELHIAppellant, a PSU bank installed a system called Magnetic Ink Character Recognition (MICR) and the same was utilized for clearing of cheques - whether this operation/activity come under the category of “Banking and other financial services” - confusion prevailing about the taxability which was resolved by the clarification of the C.B.E.C. dated 25-2-2005 - appellant paid the service tax immediately after clarification - no intention to evade service tax - provisions of Section 80 is rightly invocable - while upholding the service tax demand as uncontested, penalties are set aside
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