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2010 (7) TMI 200 - CESTAT, MUMBAIPenalty - While sanctioning the loans, the respondent is collecting commission for providing such services which fail, under the category of service provided as “Banking and Financial services” with effect from 10-9-2004. As soon as it came to the knowledge of the respondent, they immediately obtained the registration and paid the Service tax along with the interest but the adjudicating authority imposed a penalty under Sections 76, 77 and 78 of the Finance Act on the respondent. Held that – penalty set aside in impugned order on the ground that service tax paid before issue of show cause notice.
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