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2016 (12) TMI 1470 - CESTAT MUMBAIBanking and Other Financial services - reverse charge mechanism - payments made by appellant to Visa for the services rendered - Held that: - The service tax liability under the reverse charge mechanism was introduced on 18.04.2006 and the entire issue was under litigation till the Hon'ble High Court of Bombay settled the law in the case of Indian National Ship Owners Association which indicated that the service tax liability arises from 18.04.2006 - this is a fit case for invoking the provisions of Section 80 of the Finance Act, 1994 and set aside the penalties imposed on the appellant - penalties set aside - tax and interest upheld - decided partly in favor of appellant - appeal disposed off.
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