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2018 (8) TMI 1175 - CESTAT CHENNAIPenalty - service tax on Charges paid to the Overseas banks on Nostro and Vostro accounts and SWIFT Charges - Demand of Service Tax - Held that:- In an identical issue in the case of The Karur Vysya Bank Ltd. Vs. C.C.E. & S.T., Tiruchirappalli [2018 (7) TMI 532 - CESTAT CHENNAI] wherein, inter alia, the penalties imposed have been set aside by holding that During the relevant period, the issue whether an assessee is liable to pay service tax under reverse charge mechanism was under much litigation. The same reasoning can be extended to the appellants - penalties u/s 77 and 78 set aside - appeal allowed - decided in favor of appellant.
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