TMI Blog2009 (12) TMI 315X X X X Extracts X X X X X X X X Extracts X X X X ..... s) setting aside the penalty. Held that- in the light of the decisions of Punjab National Bank v. CCE, Chandigarh - 2009 -TMI - 33567 - CESTAT NEW DELHI, set aside the penalties imposed on the appellant under Section 76 & 78 by the impugned order. - ST/338/2007 - 452/2010 - Dated:- 23-12-2009 - S/Shri M.V. Ravindran, Member (J) and P. Karthikeyan, Member (T) REPRESENTED BY: Shri S. Ananthan, C.A. , for the Appellant. Ms. Joy Kumari Chander, JCDR, for the Respondent. (Order per: M.V. Ravindran, Member (J)]. - This appeal is filed by the appellant against order-in-original No. 35/2007 dated 9-5-2007. 2. The relevant facts that arise for consideration are that the appellant herein is engaged in the activity of providing ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... time bar issue, for the purpose of closing the litigation they are not con testing the demand of service tax but at the same time they seek to set aside the penalties imposed under Section 76 78. He would rely upon the decision of the tribunal in the case of Punjab National Bank v. CCE, Chandigarh - 2009 (14) S.T.R. 465 (Tri. - Del.) = 2009 -TIOL- 287- CESTAT-DEL. 4. Learned DR would reiterate the findings of the adjudicating authority. 5. On a specific query from the Bench as to whether the decision of the Tribunal in the case of Punjab National Bank is accepted or challenged by the revenue, both sides submit that the revenue has accepted the decision of the Tribunal in the case of Pun jab National Bank (supra). 6. We have conside ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... pinion dated 29-10-2004 to the effect that such operations are not taxable. However, the matter was referred to C.B.E.C. for clarification, who, after consulting the Ministry of Law, issued a clarification dated 25-2-2005 stating that the same is liable to service tax under the head "Banking and other financial services." 7. In the facts and circumstances mentioned above, we hold that there is sufficient cause on the part of the appellant in failure to pay the service tax and, accordingly, provisions of Section 80 is rightly invocable. Therefore, while upholding the service tax as uncontested we accept the prayer for set ting aside the penalties sustained by the Commissioner (Appeals) in his order leading to Appeal No. 425/07 and for sett ..... X X X X Extracts X X X X X X X X Extracts X X X X
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