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2018 (7) TMI 532 - AT - Service TaxPenalty - Reverse Charge mechanism - Banking and other Financial services - maintaining Nostro and Vostro accounts with foreign banks to help their customers dealing in Export and Import business - utilisation of services of SWIFT, Belgium, for securely and reliably exchanging financial information relating to Banking transactions - Held that:- During the relevant period, the issue whether an assessee is liable to pay service tax under reverse charge mechanism was under much litigation - This Tribunal in the case of Indian Overseas Bank Vs CST, Chennai, [2018 (7) TMI 513 - CESTAT CHENNAI] has considered the very same issue and set aside the penalties, observing that the issue is interpretational in nature. There being no evidence that the appellants is guilty of deliberate suppression of facts with intent to evade payment of service tax, the penalties imposed is unwarranted - penalty set aside - appeal allowed - decided in favor of appellant.
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