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2017 (1) TMI 432 - AT - Service TaxImposition of penalty - reverse charge mechanism - business auxiliary services - Held that: - during the period in question, taxability under “Reverse Charge Mechanism” was being disputed at higher judicial fora and finally settled by the judgment of Hon'ble High Court of Bombay in the case of Indian National Shipowners Association - appellant could have entertained a bonafide belief that Service Tax liability may not arise. This is a fit case for invoking the provisions of Section 80 of the Finance Act, 1994 for setting aside the penalty imposed - penalty set aside - appeal allowed - decided in favor of appellant.
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